New Century Logistics said Wednesday it priced its initial public offering of 1.5 million shares at $4 per share for gross proceeds of $6 million, including underwriting discounts and other expenses.
The logistics service provider said the shares will start trading on Nasdaq on Wednesday under the NCEW ticker.
New Century said it granted underwriters a 45-day option to buy up to 225,000 additional shares at the IPO price, less the underwriting discount, to cover any over-allotments.
Net proceeds from the offering, expected to close Thursday, will be used for expansion, technology upgrades, distribution improvements, hiring, and general operations, the company added.
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