BEIJING, China, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Pheton Holdings Ltd (the “Company” or “Pheton”), a healthcare solution provider specializing in treatment planning systems for brachytherapy and other related products and services, today announced the closing of its initial public offering (the “Offering”) of 2,250,000 Class A ordinary shares at a public offering price of $4.00 per share, for total gross proceeds of $9 million, before deducting underwriting discounts and other related expenses.

The Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 337,500 Class A ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any. The Company’s Class A ordinary shares began trading on the Nasdaq Capital Market under the symbol “PTHL” on September 5, 2024.

The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for research and development, technology upgrades, market expansion, internal control and operation system improvements, and supplemental liquidity.

CATHAY SECURITIES, INC. acted as the representative of the underwriters of the Offering, and Dominari Securities LLC was a co-underwriter. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company, and The Crone Law Group P.C. acted as U.S. counsel to the underwriters in connection with this Offering.

A registration statement on Form F-1, as amended, (File Number: 333-274944) was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on September 4, 2024. A final prospectus relating to the Offering dated on September 4, 2024 has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering, when available, may be obtained from CATHAY SECURITIES, INC. by email at [email protected], by standard mail to CATHAY SECURITIES, INC. 40 Wall Street, Suite 3600, New York, NY10005, or by telephone at +1 (631) 897-2208.

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 these securities, 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.