Toppoint Holdings (TOPP) said Thursday it closed an initial public offering of 2.5 million common shares at $4 apiece for gross proceeds of $10 million.

The company's stock started trading on the NYSE American on Jan. 22.

Underwriters have been granted a 45-day option to purchase up to 375,000 additional units, the company said.

Toppoint plans to use the net proceeds for geographic expansions, infrastructure improvement, sales and marketing team expansion, along with working capital and general corporate purposes.

Its shares were down nearly 6% in recent trading.

Price: 3.54, Change: -0.21, Percent Change: -5.60