Pheton Holdings Ltd Successfully Completes Initial Public Offering
Pheton Holdings Ltd Completes Its Initial Public Offering
Pheton Holdings Ltd, a prominent healthcare solution provider, has recently finalized the closing of its initial public offering (IPO), marking a significant milestone for the company. This IPO involved offering 2,250,000 Class A ordinary shares at a price of $4.00 per share, resulting in total gross proceeds of $9 million prior to deducting underwriting discounts and related expenses.
Understanding the IPO Details
The underwriters were granted an option to purchase an additional 337,500 Class A ordinary shares within a 45-day window following the closing. This allows them to cover any over-allotments if necessary. Following the completion of the IPO, Pheton's Class A ordinary shares are now actively trading on the Nasdaq Capital Market under the ticker symbol "PTHL." This event is a notable advancement as the trading began just days before the official announcement.
Intended Use of Proceeds
The funds raised from the offering are earmarked for various strategic initiatives aimed at enhancing the company's capabilities and market presence. These include investments in research and development, technology upgrades, market expansion, and improvements to internal control and operational systems. Additionally, the company also seeks to bolster its supplemental liquidity to navigate future opportunities and challenges effectively.
The Role of Underwriters and Legal Counsel
CATHAY SECURITIES, INC. played a crucial role as the representative of the underwriters, with Dominari Securities LLC also contributing as a co-underwriter for the offering. The legal aspects were adeptly handled by Hunter Taubman Fischer & Li LLC, who provided counsel for the company, while The Crone Law Group P.C. served as counsel to the underwriters.
About Pheton Holdings Ltd
Pheton Holdings Ltd has been dedicated to advancing healthcare solutions since its inception in 1998. Through its wholly owned subsidiary, Beijing Feitian Zhaoye Technology Co., Ltd., the company specializes in treatment planning systems for brachytherapy, a pivotal targeted radiation therapy utilized in cancer treatment. Its premier product, the Treatment Planning System, is designed to optimize the safety and effectiveness of brachytherapy, which administers radioactive sources within the patient to eliminate cancer cells and shrink tumors.
Commitment to Innovation
The company remains committed to establishing new standards of care across various malignant tumor applications. Through persistent innovation and dedication to its technology, Pheton Holdings aims to improve patient outcomes and the overall efficacy of cancer treatment.
Contact Information
For investor inquiries or media relations, Pheton Holdings Ltd encourages interested parties to reach out via email or telephone. Investors can contact their Investor Relations team at ir@ftzy.com.cn. Jackson Lin from Lambert Global is also available for inquiries at +1 (646) 717-4593 or via email at jlin@lambert.com.
Frequently Asked Questions
What is Pheton Holdings Ltd known for?
Pheton Holdings Ltd specializes in healthcare solutions focused on treatment planning systems for brachytherapy, a targeted cancer treatment.
What was the total amount raised in the IPO?
The company raised a total of $9 million through its IPO by offering 2,250,000 Class A ordinary shares.
What ticker symbol does Pheton Holdings trade under?
Pheton Holdings trades under the ticker symbol "PTHL" on the Nasdaq Capital Market.
Who were the underwriters of the IPO?
CATHAY SECURITIES, INC. acted as the primary underwriter, with Dominari Securities LLC serving as a co-underwriter.
What are the future plans for the funds raised?
The proceeds from the IPO will be used for research and development, technology upgrades, market expansion, and improving operational systems.
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