In This Article:
HONG KONG, Dec. 19, 2024 (GLOBE NEWSWIRE) -- New Century Logistics (BVI) Limited (“New Century” or the “Company”), an international freight forwarding company and logistics service provider, announces the closing of its initial public offering of 1,500,000 ordinary shares at a public offering price of $4.00 per share (the “Offering”) for total gross proceeds of $6,000,000, before deducting underwriting discounts and other related expenses. Trading began on the Nasdaq Capital Market on December 18, 2024 under the symbol “NCEW.”
The Company granted the underwriters a 45-day option to purchase up to an additional 225,000 ordinary shares at the public offering price, less underwriting discounts, to cover over-allotments, if any.
The Offering was conducted on a firm commitment basis. The Company intends to use the net proceeds from the offering for business expansion, technology innovation, enhancement of warehousing and distribution capabilities, personnel recruitment, and general working capital.
Craft Capital Management LLC and R.F. Lafferty & Co., Inc. acted as co-lead managing underwriters for the Offering. Sichenzia Ross Ference Carmel LLP acted as U.S. counsel for the Company and Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the underwriters in connection with the Offering.
The securities were offered pursuant to a registration statement on Form F-1 (File No. 333-274115) relating to the Offering, which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 20, 2024 and the Company’s registration statement on Form F-1MEF filed with the SEC on December 17, 2024, which became effective upon filing. The Company filed a post-effective amendment No. 1 and a post-effective amendment No.2 to the registration statement on November 29, 2024 and December 9, 2024, respectively; the post-effective amendment No.2 was declared effective by the SEC on December 13, 2024. The Offering was made only by means of a prospectus. A final prospectus relating to the Offering has been filed with the SEC. Electronic copies of the final prospectus may be obtained on the SEC’s website at http://www.sec.govand may also be obtained by emailing rrizzuto@craftcm.com or by calling 516-833-1325 or by standard mail to 377 Oak Street Lower Concourse, Garden City, NY 11530.
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.