Everbright Digital Holding Limited (NASDAQ: EDHL) stock is soaring 15% in intraday trading on Thursday, marking a strong debut on the Nasdaq Capital Market. The impressive rally comes as the company begins trading following its initial public offering (IPO), which was priced at $4 per share.
The Chinese digital technology company successfully raised $6 million in its IPO by offering 1.5 million ordinary shares. Additionally, the underwriters have been granted a 45-day option to purchase up to an additional 225,000 shares. The IPO, which closed on Wednesday, has apparently generated significant investor interest, leading to the stock's robust performance on its first trading day.
Everbright Digital Holding plans to utilize the net proceeds from the IPO for various strategic initiatives. These include marketing and business expansion, research and development of core technologies, business development, talent acquisition and training, as well as general corporate purposes. The successful listing and positive market reception could provide the company with a solid foundation to pursue its growth objectives in the competitive digital technology sector.
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