Vantage Corp Completes Successful IPO with Full Over-Allotment
Vantage Corp Finalizes IPO with Full Underwriters’ Over-Allotment
Vantage Corp (NYSE American: VNTG), a prominent player in shipbroking, provides specialized services that range from brokerage to consultancy in the tanker market. In an exciting development, the company has announced that the underwriter for its recent IPO has fully executed their over-allotment option, acquiring an additional 487,500 Class A Ordinary Shares at an impressive public offering price of $4.00 per share. This strategic move resulted in additional gross proceeds of $1,950,000, further enhancing the capital raised from the offering.
Increased Share Sales and Gross Proceeds from the Offering
With the full exercise of the over-allotment option, Vantage has successfully sold a total of 3,737,500 Class A Ordinary Shares. Consequently, the total gross proceeds from the offering have surged to $14,950,000 before accounting for underwriting discounts and other associated offerings. This impressive total reflects strong confidence in Vantage Corp's business strategy and market position.
Trading Under the VNTG Symbol
The Class A Ordinary Shares of Vantage commenced trading on the NYSE American on June 12, marking a significant milestone for the company. The stock trades under the ticker symbol "VNTG", which has already garnered attention from investors eager to tap into Vantage's potential for growth and success in the shipbroking industry.
Key Players Behind the Offering
Network 1 Financial Securities, Inc. played a crucial role as the sole managing underwriter and bookrunner for this offering. Furthermore, legal counsel for Vantage was provided by Loeb & Loeb LLP, while Hunter Taubman Fischer & Li LLC represented Network 1 Financial Securities, Inc. The collaboration of these firms has been vital in executing this offering successfully.
Understanding the Nature of the Offering
The IPO is conducted under Vantage Corp's registration statement on Form F-1, which was accepted by the U.S. Securities and Exchange Commission (SEC) after being filed. This engagement with the SEC underscores Vantage's commitment to transparency and regulatory compliance. A final prospectus relating to this offering received SEC approval and is accessible for stakeholders seeking further details about Vantage and its financial outlook.
About Vantage Corp
Since its inception in 2012, Vantage Corp has carved a niche providing extensive shipbroking services primarily in the tanker markets. Their services encompass clean and dirty petroleum products, biofuels, and vegetable oils, reflecting a comprehensive understanding of client needs. Vantage also boasts a robust sales and projects team, a dedicated research and strategy unit, along with a specialized IT team, ensuring they remain at the forefront of industry standards and practices.
Investor Relations Contacts
For investors and interested parties seeking more information, Vantage has an effective investor relations team. John Yi and Steven Shinmachi from Gateway Group, Inc. can be reached at 949-574-3860, or via email at VNTG@gateway-grp.com to facilitate communication regarding inquiries.
Frequently Asked Questions
What services does Vantage Corp provide?
Vantage Corp specializes in shipbroking services, offering brokerage, consultancy, and operational support primarily in the tanker market.
What is the significance of the underwriters’ over-allotment option?
The full exercise of the over-allotment option allows Vantage to raise additional funds, thereby increasing investor confidence and overall market standing.
When did Vantage’s shares start trading?
The Class A Ordinary Shares of Vantage began trading on the NYSE American on June 12.
Who were the legal representatives for Vantage during the IPO?
Loeb & Loeb LLP served as legal counsel for Vantage Corp during the IPO process.
How can investors get more information about Vantage Corp?
Investors can reach out to John Yi and Steven Shinmachi at Gateway Group, Inc., or email VNTG@gateway-grp.com for more details.
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