WASHINGTON (dpa-AFX) - Turbo Energy S.A. (TURB) said that it has priced its initial public offering of 1 million American Depositary Shares or 'ADSs' at a price of $5.00 per ADS to the public for a total of $5.00 million of gross proceeds to the company, before deducting underwriting discounts and offering expenses. The American Depositary Shares represent 5 million ordinary shares.
The company said it has granted a 45-day option to the underwriters to purchase up to 150,000 additional ADSs representing 15% of the ADSs sold in this offering, solely to cover over-allotments, if any, less the underwriting discount. All of the ADSs are being offered by the company.
The ADSs are expected to begin trading on the Nasdaq Capital Market September 22, 2023, under the symbol 'TURB.' The Offering is expected to close on September 26, 2023.
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