Eastern International Ltd. Completes $6.4 Million IPO Successfully
Eastern International Ltd. Announces Successful IPO Closing
Hangzhou, China — Eastern International Ltd. (“Eastern International” or the “Company”), a leading provider of domestic and cross-border logistic services, has announced the completion of its initial public offering (IPO), raising an impressive $6.4 million. This strategic move indicates the company's robust market position and commitment to expansion.
Details of the Initial Public Offering
The IPO consisted of 1,600,000 ordinary shares offered at a price of $4.00 each. Trading on the Nasdaq Capital Market commenced on August 28 under the ticker symbol "ELOG.” In an encouraging sign for investors, Eastern International has granted Maxim a 45-day option to purchase an additional 240,000 shares at the same offering price, allowing for an overallotment opportunity that showcases confidence in market demand.
Financial Implications and Use of Proceeds
This offering has generated gross proceeds amounting to US$6.4 million, which will be allocated to furthering the Company's logistical capabilities and enhancing service deployment across various regions. The underwriting process was managed by Maxim Group LLC, serving as the sole book-running manager, ensuring efficient market engagement.
Background and Operational Overview
Eastern International Ltd. (NASDAQ: ELOG) is incorporated in the Cayman Islands and operates through its wholly owned subsidiary, Suzhou TC-Link Logistics Co., Ltd. With a strong foothold in the logistics industry, Suzhou TC-Link specializes in both domestic and international shipping solutions, handling complex project logistics while maintaining high service standards.
Logistical Network and Facilities
Established in 2006, Suzhou TC-Link boasts a vast operational network, including four wholly owned subsidiaries and five logistics centers integrated with a wide-reaching infrastructure spanning major Chinese cities, Hong Kong, Southeast Asia, and Central Asia. Its commitment to quality is further highlighted by its ISO 9001 certification, underscoring the company’s dedication to providing top-tier logistics services.
Market Reception and Future Outlook
Investors and market analysts are optimistic about Eastern International's growth trajectory post-IPO. The solid backing from professional underwriters coupled with the strategic allocation of raised capital signals a strong potential for expansion and service improvement within competitive markets. The Company plans to enhance its logistical framework to meet escalating demand and seize new opportunities in emerging markets.
Company Contacts
For further inquiries, Eastern International Ltd. encourages interested parties to reach out to:
Eastern International Ltd.
Mr. Lin Tan
Tel: +86 0571-82356096
Email: ir@elogint.com
Frequently Asked Questions
What is the significance of the $6.4 million IPO for Eastern International?
This IPO marks a major financial milestone for Eastern International, allowing for expansion and enhancement of services in the logistics sector.
How does the stock symbol ELOG relate to the company?
"ELOG" is the official ticker symbol under which Eastern International trades on the Nasdaq Capital Market.
Who managed the underwriting for the IPO?
Maxim Group LLC acted as the sole book-running manager, facilitating the IPO process and supporting the company’s market engagement.
What services does Eastern International provide?
Eastern International offers both domestic and cross-border logistic services, focusing on project logistics and general logistics for its clients.
How can interested parties obtain more information about the IPO?
Additional information can be gathered from the Company’s SEC filings or by directly contacting them through the provided contact details.
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