Alpha Technology Group Limited (the “Company” or “Alpha”), an
established cloud-based IT solution service provider in Hong Kong,
today announced the pricing of its initial public offering (the
"Off-ering") of 1,750,000 ordinary shares (the "Ordinary Shares")
at a public offering price of $4.00 per share for total gross
proceeds of $7,000,000, before deducting underwriting discounts and
other offering expenses. The Ordinary Shares have been approved for
listing on the Nasdaq Capital Market and are expected to commence
tr-ading on October 31, 2023, under the ticker symbol "ATGL".
The Company has granted the underwriters an
option, within 45 days from the closing date of the Offering, to
purchase up to an additional 262,500 Ordinary Shares at the public
offering price, less underwriting discounts, to cover the
over-allotment option, if any.
The Offering is expected to close on November 2,
2023, subject to the satisfaction of customary closing
conditions.
The Offering is being conducted on a firm
commitment basis. Prime Number Capital, LLC is acting as the sole
bookrunner for the Offering. Hunter Taubman Fischer & Li LLC is
acting as U.S. counsel to the Company, and Sichenzia Ross Ference
Carmel LLP is acting as U.S. counsel to the underwriter, in
connection with the Offering.
The Company intends to use the proceeds from
this Offering for 1) increasing operating scale and expanding
business in overseas markets including Southeast Asia countries by
merger and acquisition and recruiting a new team; 2) enhancing
research and development on the AI-OCR technologies; and 3) funding
working capital and for other general corporate purposes.
A registration statement on Form F-1 (File No.
333-273289) relating to the Offering, as amended, has been filed
with the U.S. Securities and Exchange Commission (the "SEC") and
was declared effective by the SEC on October 30, 2023. The Offering
is being made only by means of a prospectus. Copies of the final
prospectus related to the Offering may be obtained, when available,
from Prime Number Capital, LLC by email at info@pncps.com or via
standard mail to Prime Number Capital, LLC, 12 E 49th St, Floor 27,
New York, NY10017. In addition, a copy of the final prospectus can
also be obtained via the SEC's website at www.sec.gov.
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. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities 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 jurisdiction.
About Alpha Technology Group
Limited
Alpha Technology Group Limited is a cloud-based
IT solution service provider in Hong Kong. The Company utilizes
analytic and programming skills, AI technologies and technological
know-hows to provide comprehensive solutions designed to optimize
business performance of its customers, help them meet various
industry-specific operational challenges and create new business
opportunities for the customers from a variety of industries,
including consulting, real estate, architectural design, carpark
management, electronic payment services, logistics, investments,
retail, textiles, wholesale and distribution, etc Though its
subsidiaries Techlution and NSL, the Company provides(i)system
development services,(ii) web and mobile application development
services, and (iii)in-house developed OCR software with AI
technology(the “AI-OCR software”) with a view to achieving
digitalization of customers’business and operations. Alpha also
provides technological support, maintenance and NFT-related
services such as creation of NFT artwork, marketplace and
development of NFT-related games to customers. For more
information, please visit: https://techlution.io.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as "may, "will, "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. These forward-looking statements
include, without limitation, the Company's statements regarding the
expected trading of its Ordinary Shares on the Nasdaq Capital
Market and the closing of the Offering. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
UnderwritersPrime Number Capital LLCMs. Xiaoyan
Jiang, ChairwomanEmail:info@pncps.com
Investor RelationsWFS Investor Relations
Inc.Janice Wang, Managing PartnerEmail:
services@wealthfsllc.comPhone: +86 13811768599 +1 628 283 9214
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