CoinWorld reports:
UP Fintech Holding Limited has completed its follow-on public offering, raising a significant amount of funds to expand its business. The funds raised through the sale of American Depositary Shares (ADS) are intended to facilitate the company’s business development plans and strengthen its capital base.
According to the online brokerage firm’s announcement, this financing was conducted through the issuance of 15 million ADS, with each ADS representing 15 Class A ordinary shares. The offering price per ADS was $6.25. In addition, the underwriters have a 20-day option to purchase up to an additional 2.25 million ADS at the same offering price.
Enhancing Capital
The company mentioned that this offering was made pursuant to an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC), marking a significant moment for UP Fintech as it continues to expand its business and service portfolio in the online brokerage field.
The net proceeds from this public offering will strengthen the company’s capital reserves and promote business development. This infusion of capital is expected to enhance UP Fintech’s ability to serve global investors through its proprietary trading platform, which allows users to trade stocks and other financial instruments on various global exchanges.
UP Fintech emphasized the importance of this financing in supporting its ongoing growth and market expansion plans. The company added that this offering aligns with its vision to scale operations and provide better services to a global customer base.
Efforts of Key Financial Participants
Several major financial institutions played a crucial role in the issuance of ADS. Deutsche Bank AG Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited, and Tiger Brokers (NZ) Limited acted as joint bookrunners for the transaction.
This offering followed the regulations of the U.S. Securities and Exchange Commission and was supplemented by a prospectus. The brokerage firm mentioned that investors can access detailed information about this offering through the official website of the U.S. Securities and Exchange Commission to ensure transparency and regulatory compliance.
UP Fintech is renowned for its mobile-first trading platform, which serves global investors. The company offers a range of services, including trade order execution, margin financing, and IPO subscriptions. By investing in further business development, UP Fintech plans to strengthen its service offerings and infrastructure, enabling it to better serve existing and future clients.
