NEW YORK, Nov. 21, 2023 (GLOBE NEWSWIRE) -- DDC Enterprise Ltd, (NYSEAM:DDC) ("DayDayCook" or the "Company"), a leading content-driven food consumer brand, today announced the closing of its initial public offering of 3,900,000 of its Class A Ordinary Shares at a price of $8.50 per share. All the Class A Ordinary Shares are being offered by DayDayCook. In addition, DayDayCook has granted the underwriters a 30-day option to purchase an additional 585,000 Class A Ordinary Shares at the initial public offering price.
Aggregate gross proceeds to DayDayCook from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the Company, amounted to $33.15 million. The shares are trading on the NYSE American under the symbol "DDC."
The Company expects to use the net proceeds from the sale of the shares for working capital, business expansion including through acquisitions, and repayment of loans.
CMB International Capital Limited, The Benchmark Company, LLC, Maxim Group LLC and Freedom Capital Markets are acting as joint book-running managers for the offering. Guotai Junan Securities (Hong Kong) Limited, Eddid Securities and Futures Limited, Eddid Securities USA Inc. and Tiger Brokers (NZ) Limited are acting as Co-Managers.
The registration statement relating ...