Fitell Corporation Announces Pricing of $15 Million Initial Public Offering
August 08 2023 - 10:30AM
Fitell Corporation (Nasdaq: FTEL) ("Fitell" or the "Company"), an
online retailer of gym and fitness equipment in Australia, today
announced the pricing of its initial public offering (the
“Offering”) of 3,000,000 Ordinary Shares, par value US$0.0001 per
share at a public offering price of US$5.00 per ordinary share. The
ordinary shares have been approved for listing on the Nasdaq
Capital Market and are expected to commence trading on August 8,
2023 under the ticker symbol “FTEL”.
The Company expects to receive aggregate gross
proceeds of US$15.00 million before deducting underwriting
discounts, commissions and other related expenses. In addition,
Fitell has granted the underwriters a 45-day option to purchase up
to an additional 450,000 Shares at the public offering price, less
underwriting discount and commissions. The Offering is expected to
close on or about August 10, 2023, subject to the satisfaction of
customary closing conditions.
The Company intends to use the proceeds for the
expansion of Fitell’s online retail gym and fitness equipment
business; the development of the Company’s smart connected
equipment, interactive platform, and mobile application; the
expansion of the Company’s licensing business; potential mergers
and acquisitions; and working capital and other general corporate
purposes.
The Offering is being conducted on a firm
commitment basis. Revere Securities LLC and R.F. Lafferty &
Co., Inc. (the “Underwriters”) are acting as the Underwriters for
the Offering. The Crone Law Group, P.C. is acting as U.S. counsel
to the Company, and Winston & Strawn LLP is acting as U.S.
counsel to the Underwriters in connection with the Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the Securities and Exchange Commission
(“SEC”) (File Number: 333-267778), as amended, and was declared
effective on August 7, 2023. The Offering is being made only by
means of a prospectus forming a part of the registration statement.
Copies of the final prospectus relating to the Offering, when
available, may be obtained from Revere Securities LLC by email at
contact@reveresecurities.com, by standard mail to Revere Securities
LLC, 650 Fifth Avenue, 35th Floor, New York, NY 10019 USA, or by
telephone at (212) 688-2238; or from R.F. Lafferty & Co., Inc.
by email at info@rflafferty.com, by standard mail to R.F. Lafferty
& Co., Inc., 40 Wall Street, 29th Floor, New York, NY 10005
USA, or by telephone at (212) 293-9090. In addition, a copy of the
final prospectus relating to the Offering, when available, may be
obtained via the SEC’s website at www.sec.gov.
This press release contains information about
the pending Offering of securities, and there can be no assurance
that the Offering will be completed. Before you invest, you should
read the registration statement and the preliminary prospectus
contained therein and the final prospectus, when available, and
other documents the Company has filed or will file with the SEC for
more complete information about the Company and the Offering. This
press release does not constitute an offer to sell, or the
solicitation of an offer to buy any of the Company’s securities,
nor shall such securities be offered or sold in the United States
absent registration or an applicable exemption from registration,
nor shall there be any offer, solicitation or sale of any of the
Company’s 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 such state or
jurisdiction.
About Fitell
Corporation
Fitell Corporation, through GD Wellness Pty Ltd
(“GD”), its wholly owned subsidiary, is an online retailer of gym
and fitness equipment both under its proprietary brands and other
brand names in Australia. The company’s mission is to build an
ecosystem with a whole fitness and wellness experience powered by
technology to our customers. GD has served over 100,000 customers
with large portions of sales from repeat customers over the years.
The Company’s brand portfolio can be categorized into three
proprietary brands under its Gym Direct brand: Muscle Motion, Rapid
Motion, and FleetX, in over 2,000 stock-keeping units (SKUs). For
additional information, please visit the Company’s website
at www.fitellcorp.com.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For more information, please contact:
Chief Financial OfficerJamarson
Kongjamarson@gymdirect.com.au
Investor Relationsir@fitellcorp.com
Fitell (NASDAQ:FTEL)
Historical Stock Chart
From Nov 2024 to Dec 2024
Fitell (NASDAQ:FTEL)
Historical Stock Chart
From Dec 2023 to Dec 2024