RECTITUDE PRICES IPO AT US$4 A SHARE

KUALA LUMPUR, June 25 (Bernama) -- Rectitude Holdings Ltd (Rectitude), Singapore-based safety equipment and related industrial products provider, announced the pricing of its initial public offering (IPO) of two million ordinary shares at US$4.00 per ordinary share, for total gross proceeds of US$8 million. (US$1 = RM4.70)

The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on June 21 under the ticker symbol “RECT”.

In a statement, Rectitude said the underwriter AGP/Alliance Global Partners (AGP), has been granted a 45-day option to purchase up to an additional 300,000 ordinary shares at the IPO price.

In addition, the company has issued the representative warrants to purchase up to 100,000 ordinary shares.

The IPO is being conducted on a firm commitment basis. Rectitude intends to use the proceeds from the IPO for marketing and promotional campaigns, product development, digital transformation and system upgrades, along with working capital and general corporate purposes.

The offering is expected to close on or about June 24, subject to the satisfaction of customary closing conditions.

AGP is acting as the sole book-running manager for the IPO, while Ortoli Rosenstadt LLP is acting as United States (US) counsel to Rectitude, and The Crone Law Group is acting as US counsel to AGP in connection with this IPO.

-- BERNAMA