Elk Grove, CA, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Northann Corp. ("Northann" or the "Company") (NYSE:NCL), a company specializing in 3D-printed flooring solutions, today announced the closing of its previously announced initial public offering of 1,200,000 shares of common stock priced at $5 per share, for total gross proceeds of $6,000,000, before deducting underwriting discounts and other offering expenses (the "Offering"). The Offering closed on October 23, 2023. The shares of common stock began trading on the NYSE American stock exchange on October 19, 2023, under the ticker symbol "NCL." The Company has granted the underwriters an option, within 45 days from the closing date of the Offering, to purchase up to an additional 180,000 shares of common stock at the public offering price, less underwriting discounts, to cover over-allotment, if any.
The Offering is being conducted on a firm commitment basis. Craft Capital Management LLC, Prime Number Capital, LLC and R.F. Lafferty & Co., Inc. are acting as co-underwriters for the Offering. Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the underwriters, in connection with the Offering.
The Company intends to use the proceeds from this Offering for the acquisition of facilities and equipment in the United States, product development, sales and marketing ...