MasterBeef (MB) said Thursday it priced an initial public offering of 2 million common shares at $4 per share for $8 million in expected gross proceeds.
Underwriters have been granted a 45-day option to purchase up to 300,000 additional shares, the company said.
MasterBeef said it will use the net proceeds to open new restaurants and franchises in Hong Kong, Singapore, and other countries in Southeast Asia, as well as for marketing campaigns, production of packaged food products, technology investments, and general corporate purposes.
The company said its shares will start trading on the Nasdaq Capital Market Thursday under the "MB" ticker symbol and the offering is expected to close Friday.
Additionally, the company said certain shareholders plan to resell about 1.8 million shares. The company will not receive any proceeds from these sales, MasterBeef said.
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