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SINGAPORE, April 23, 2024 /PRNewswire/ -- Tungray Technologies Inc (the "Company" or "Tungray") (NasdaqCM: TRSG), a provider of customized industrial manufacturing solutions to Original Equipment Manufacturers (OEMs) in the semiconductors, printers, electronics, and home appliances industries, today announced the closing of its initial public offering (the "Offering") of 1,250,000 Class A ordinary shares at a public offering price of $4 per share. The Class A ordinary shares began trading on Nasdaq Capital Market under the ticker symbol "TRSG" on April 19, 2024.
The Company received aggregate gross proceeds of $5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriter an option, exercisable within 45 days from the effective date of the Company's registration statement, to purchase up to an additional 187,500 ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis.
US Tiger Securities, Inc. ("US Tiger") acted as sole book runner for the Offering. Robinson & Cole LLP served as U.S. counsel to the Company. VCL Law LLP served as U.S. counsel to the underwriter.
A registration statement on Form F-1, as amended (File No. 333-270434) relating to the Offering was previously filed with the Securities and Exchange Commission ("SEC") by the Company, and was declared effective by the SEC on March 28, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained from US Tiger, by standard mail to U.S Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, 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.
About Tungray Technologies Inc
Tungray Technologies Inc is an engineer-to-order ("ETO") company that provides customized industrial manufacturing solutions to OEMs in the semiconductors, printers, electronics, and home appliances industries. With research, development and manufacturing bases in Singapore and China, Tungray designs, develops, and delivers a wide range of industrial products ranging from customized manufacturing machineries, direct drive and linear direct current motors, to induction welding equipment. As an ETO company with more than two decades of experience, Tungray takes pride in its ability to deliver quality customized industrial solutions that fulfil its customers' unique needs and specifications. For more information, visit the Company's website at http://tungray.tech/.