iOThree (IOTR) said late Wednesday it priced its initial public offering of 2.1 million ordinary shares at $4 per share, with the company offering about 1.7 million shares and the rest by selling shareholders.
The company said it expects to raise gross proceeds of $6.6 million from its sales and will not receive any proceeds from the sale by shareholders.
The maritime digital technology provider granted the underwriters a 45-day option to purchase up to 247,500 shares to cover over-allotments.
iOThree said its shares are set to begin trading on Nasdaq under the ticker 'IOTR' on Thursday, with the offering expected to close on Friday.
Proceeds will support further development of the Jarviss platform and be used for marketing and general corporate purposes, the company said.
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