IPOS - Pineapple Financial Inc. Announces Pricing of Initial Public Offering | Benzinga
TORONTO, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Pineapple Financial Inc. (the "Company") (NYSE:PAPL), Canada's tech-focused mortgage brokerage with an integrated network of partner brokerages and agents across the country, today announced the pricing of its initial public offering (the "Offering") of 875,000 common shares at a public offering price of US$4.00 per share. The common shares are expected to begin trading on the NYSE American Exchange on November 1, 2023, under the ticker symbol "PAPL".
The Company expects to receive aggregate gross proceeds of US$3.5 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 131,250 common shares at the public offering price, less the underwriting discounts. The Offering is expected to close on November 3, 2023, subject to satisfaction of customary closing conditions.
Proceeds from the Offering will be used for (i) improving technology; (ii) developing the Company's subsidiary Pineapple Insurance Inc.; (iii) expansion of business in Canada and North America; (iv) working capital and other general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC ("EF Hutton"), is acting as sole book-running manager for the Offering. Dominari Securities LLC is acting as co-manager for the Offering. Sichenzia Ross Ference LLP is acting as counsel to the Company, and Lucosky Brookman LLP is acting as counsel to the underwriters in connection with the Offering.
A registration statement on Form S-1 relating to the Offering, as amended, was filed with the Securities and Exchange Commission (the "SEC") (File Number: 333-268636) and was declared effective ...