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Kowloon, Hong Kong, Jan. 22, 2025 (GLOBE NEWSWIRE) -- CTRL Group Limited (the “Company”) (NasdaqCM: MCTR), an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion for the local market, today announced the pricing of its initial public offering of an aggregate of 2,000,000 ordinary shares (the “Offering”) at a price of $4.00 per share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on January 22, 2025, under the symbol "MCTR."
The Company expects to receive aggregate gross proceeds of $8 million from the Offering, before deducting underwriting discounts and other related expenses. The Offering is expected to close on or about January 23, 2025, subject to the satisfaction of customary closing conditions. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 ordinary shares at the public offering price, less underwriting discounts.
Proceeds from the Offering will be primarily for the following: expanding to other regions, working capital as mobile game operator, acquisition of potential media companies and general working capital.
The Offering is conducted on a firm commitment basis. R.F. Lafferty & Co., Inc. is acting as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter (collectively, the “Underwriters”) for the Offering. The Crone Law Group, P.C. acted as U.S. legal counsel to the Company and VCL Law LLP acted as legal counsel to the Underwriters for the Offering.
The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1, as amended (File No. 333-277979) (the “Registration Statement”), previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on December 31, 2024. The Offering was made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from R.F. Lafferty & Co., Inc. at 40 Wall Street, 27th Floor New York, NY 10005, or by telephone at +212.293.9090.
Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release has been prepared for informational purposes only and 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.