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SINGAPORE, June 21, 2024 (GLOBE NEWSWIRE) -- Rectitude Holdings Ltd (the “Company” or “Rectitude”), a Singapore-based provider of safety equipment and related industrial products, today announced the pricing of its initial public offering (the “Offering”) of 2,000,000 ordinary shares at a public offering price of $4.00 per ordinary share, for total gross proceeds of $8,000,000, before deducting underwriting discounts, commissions, and other related expenses. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on June 21, 2024, under the ticker symbol “RECT.”
The Company has granted A.G.P./Alliance Global Partners (“A.G.P.” or “Representative”), the underwriter, a 45-day option to purchase up to an additional 300,000 ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any. In addition, the Company issued the Representative warrants to purchase up to 100,000 ordinary shares.
The Offering is being conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for marketing and promotional campaigns, product development, digital transformation and system upgrades, along with working capital and general corporate purposes. The offering is expected to close on or about June 24, 2024, subject to the satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as the sole book-running manager for the Offering. Ortoli Rosenstadt LLP is acting as U.S. counsel to Rectitude, and The Crone Law Group P.C. is acting as U.S. counsel to A.G.P. in connection with this Offering.
A registration statement on Form F-1 (File No. 333-276517) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on June 20, 2024. 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. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, Telephone: (212) 624-2060; Email: prospectus@allianceg.com.
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.