UP Fintech Holding Limited finalized its follow-on
public offering, securing significant capital to expand its operations. The
funds raised through the sale of American Depositary Shares (ADS) aim to boost
the company’s business development initiatives and strengthen its capital base.
According to an announcement by the online brokerage firm, the
fundraising was through the offering of 15 million ADSs, each representing 15 Class
A ordinary shares, which was priced at $6.25 per ADS. Additionally, underwriters have
a 20-day option to purchase up to 2.25 million more ADSs at the same offering
price.
Boosting Capital
The offering, which was made under an automatic shelf
registration statement filed with the US Securities and Exchange Commission
(SEC), marks a pivotal moment for UP Fintech as it continues to expand its
presence and service portfolio in the online brokerage space, the company mentioned.
The net proceeds from this public offering will strengthen the company’s capital reserves and advance business development. The firm expects this injection of capital to enhance its ability to serve global investors through its proprietary trading platform, which allows users to trade equities and other
financial instruments across various global exchanges.
UP Fintech added that this fundraising is important to support its ongoing
development and market expansion plans. The firm added that the offering aligns with its vision of scaling operations and providing better services to its global
client base.
Efforts by Major Financial Players
Several major financial institutions played a key role
in the execution of the ADS offering. Deutsche Bank AG, Hong Kong Branch, China
International Capital Corporation Hong Kong Securities Limited, and US Tiger
Securities, Inc. acted as joint bookrunners for the transaction.
The offering followed SEC regulations and was made via
a prospectus supplement. The brokerage firm mentioned that investors can access the details of the offering
through the SEC’s official website to ensure transparency and regulatory
compliance.
UP Fintech, renowned for its mobile-first trading
platform, caters to global investors. The company offers a suite of services,
including trade order execution, margin financing, and IPO subscription. By investing in further business development, UP
Fintech plans to enhance its service offerings and infrastructure, allowing it
to better serve both existing and future customers.
This article was written by Jared Kirui at www.financemagnates.com.
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