Global Mofy Metaverse Limited (GMM) has officially priced its initial public offering (IPO) at $5.00 per share, marking a significant step in the company’s journey towards going public. The IPO comprises 1,200,000 ordinary shares, resulting in total gross proceeds of $6,000,000 before accounting for underwriting discounts and offering expenses. These Ordinary Shares have received approval for listing on The Nasdaq Capital Market and are scheduled to begin trading on October 10, 2023, under the ticker symbol “GMM.”
As part of the offering, GMM has also granted the underwriters a 45-day option, starting from the closing date of the IPO, to purchase an additional 180,000 Ordinary Shares at the same public offering price, less underwriting discounts, to cover any potential over-allotment.
The closing of the offering is anticipated to take place on October 12, 2023, subject to the fulfillment of customary closing conditions.
GMM is conducting the offering on a firm commitment basis, with Prime Number Capital, LLC serving as the sole bookrunner for the event. Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company, while Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the underwriter, both in relation to the Offering.
The capital raised from this IPO will be allocated towards several strategic priorities, including:
i) Continued research and development of core technologies
ii) Marketing initiatives, potential acquisitions, and business expansion
iii) Talent acquisition and training
iv) Sustaining working capital requirements
