WASHINGTON (dpa-AFX) - Davis Commodities Limited, an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products, said that it has priced its initial public offering of about 1.09 million ordinary shares at a public offering price of US$4.00 per ordinary share.
The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on September 19, 2023 under the ticker symbol 'DTCK', the company said.
The company expects to receive aggregate gross proceeds of US$4.35 million from the Offering, before deducting underwriting discounts and other related expenses.
In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 163,125 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about September 21, 2023.
The company said it will use proceeds from the offering for business expansion, repayment of bank borrowings with the incurred interest expenses, and working capital and general corporate matters.
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