Wellchange Holdings Company Limited Announces Full Exercise of Underwriters’ Over-Allotment Option
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HONG KONG, Oct. 17, 2024 (GLOBE NEWSWIRE) -- 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 [email protected], 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.