Intelligent Group Limited (Nasdaq: INTJ) today announced the pricing of its initial public offering (the “Offering”) of 1,875,000 ordinary shares (the “Ordinary Shares”), at a price of $4 per Ordinary Share. The Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on March 20, 2024 under the symbol “INTJ.”
The Offering is expected to close on March 22, 2024, subject to the satisfaction of customary closing conditions. Net proceeds to the Company, after deducting underwriting discounts, non-accountable expense allowance and offering expenses, are expected to be approximately $6.2 million. The Company intends to use the net proceeds for the development and commercialization of its technologies and related products, and for other working capital and general corporate purposes.
In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 281,250 Ordinary Shares of the Company, at the Offering price, less underwriting discounts and commissions.
WestPark Capital, Inc. is the sole Book-Running Manager for the Offering.
Loeb & Loeb LLP is acting as U.S. legal counsel to the Company and Haneberg Hurlbert PLC is acting as legal counsel to WestPark Capital, Inc. for the Offering. Ogier is acting as British Virgin Islands legal counsel to the Company.
The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-272136) previously filed with, and subsequently declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2024. The Offering is being made only by means of a prospectus. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from WestPark Capital, Inc., 1800 Century Park East, Suite 220, Los Angeles, CA 90067, by phone at +310-203-2919 or by email at J@wpcapital.com.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.