Wellchange Holdings Company Limited Announces Full Exercise of Underwriters’ Over-Allotment Option
October 17 2024 - 4:15PM
Wellchange Holdings Company Limited (the “Company” or “Wellchange”)
(Nasdaq: WCT), an enterprise software solution services provider
headquartered in Hong Kong, today announced that the underwriters
of its previously announced initial public offering (the
"Offering") have exercised their over-allotment option in full to
purchase an additional 165,000 ordinary shares at the public
offering price of US$4.00 per share, resulting in additional gross
proceeds of $660,000. After giving effect to the full exercise of
the over-allotment option, the total number of ordinary shares sold
by Wellchange in the public offering increased to 1,265,000
ordinary shares and the gross proceeds increased to approximately
$5.06 million, before deducting underwriting discounts and offering
expenses payable by the Company. The option closing date was
October 17, 2024.The Company also issued the representative of the
underwriters warrants to purchase up to 5,775 Ordinary Shares. The
Ordinary Shares had begun trading on the Nasdaq Capital Market
on October 2, 2024, under the ticker symbol “WCT.”
Net proceeds from the Offering will be used by
the Company for enhancing its service capacity by improving core
software technologies and expanding its SaaS platform, marketing
and branding efforts through offline and online campaigns, and for
international expansion, including establishing operations in the
United States and Australia and pursuing strategic mergers,
acquisitions, or investments, as well as for general working
capital and corporate purposes.
The Offering was conducted on a firm commitment
basis. Dominari Securities LLC is acting as the lead underwriter
and Revere Securities LLC is acting as co-underwriter for the
Offering. Ortoli Rosenstadt LLP is acting as U.S. counsel to the
Company, and Hunter Taubman Fischer & Li LLC 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 U.S. Securities and Exchange
Commission (the “SEC”) (File Number: 333-276946), as amended, and
was declared effective by the SEC on September 30, 2024. The
Offering was made only by means of a prospectus, forming a part of
the registration statement. Copies of the final prospectus relating
to the Offering may be obtained from Dominari Securities LLC by
email at info@dominarisecurities.com, by standard mail to
Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor, New York, NY
10022, or by calling (212) 393-4500. In addition, copies of the
final prospectus relating to the Offering may be obtained via the
SEC’s website at www.sec.gov.
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 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 Wellchange Holdings Company
Limited
Wellchange Holdings Company Limited is an
enterprise software solution services provider headquartered in
Hong Kong. The Company conducts all operations in Hong Kong
through its operating subsidiary, Wching Tech Ltd Co. The
Company provides customized software solutions,
cloud-based software-as-a-service (“SaaS”) platforms, and
“white-label” software design and development services. The
Company’s mission is to empower our customers and users, in
particular, small and medium businesses, to accelerate their
digital transformation, optimize productivity, improve customer
experiences, and enable resource-efficient growth with our
low-cost, user-friendly, reliable and integrated
all-in-one Enterprise Resource Planning software
solutions.
For more information, please visit the Company’s
website: https://www.wchingtech.com/
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. 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 find many (but not all) of these statements by
the use of words such as “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may” or other similar
expressions. 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. The Company cautions investors that actual results may
differ materially from the anticipated results, and encourages
investors to read the risk factors contained in the Company’s final
prospectus and other reports it files with the SEC before making
any investment decisions regarding the Company’s securities. 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.
For investor and media inquiries, please contact:
Wellchange Holdings Company Limited Shek Kin Pong, CEO
Email: Power@wchingtech.com
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