JERSEY CITY, N.J., Sept. 6, 2024 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that Powell Max Limited (Nasdaq: PMAX) (the "Company" or "Powell Max"), a financial communications services provider headquartered in Hong Kong, announced the closing of its initial public offering (the "Offering") of 1,426,750 Class A Ordinary Shares (the "Shares") at a public offering price of $4 per Share. The aggregate gross proceeds from the Offering, before deducting underwriting discounts and other offering expenses, were $5,707,000. The Shares are listed on the Nasdaq Capital Market under the symbol "PMAX."

The Company has granted the Underwriter a 45-day option to purchase up to an additional 214,012 Shares at the Offering price, less underwriting discounts.

WallachBeth Capital LLC (the "Underwriter") acted as Lead Underwriter to the Offering and Revere Securities LLC acted as Co- Manager to the Offering. K&L Gates acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Underwriter.

A registration statement on form F-1 (333-279859) related to these securities has been filed with, and declared effective by, the United States Securities and Exchange Commission on September 4, 2024. The Offering is made only by means of a prospectus. Once available, a copy of the final prospectus related to the Offering may be obtained from the Underwriter by email at [email protected]. The final prospectus is available on the SEC's website located at https://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About WallachBeth Capital LLC

WallachBeth Capital offers a robust range of capital markets and investment banking services to the healthcare community, connecting corporate clients with leading institutions, creating value for both issuers and investors. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions and ATM's.

Safe Harbor Statement

This press release contains forward-looking statements. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.