3 E Network Technology (MASK) said Wednesday it priced its initial public offering of 1.25 million class A shares at $4 per share, for expected gross proceeds of about $5 million.
Underwriters were granted a 45-day option to buy up to 187,500 additional shares, the company said.
Proceeds from the offering, which is expected to close on Friday, will be used to expand current businesses, for general working capital, research and development projects and talent development, the company said.
In their Nasdaq debut Wednesday, 3 E Network shares were more than 11% lower in recent trading.
Price: 3.55, Change: -0.45, Percent Change: -11.25
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