CTRL Group Limited raised $9.2 million through its IPO, with additional shares purchased by R.F. Lafferty & Co., Inc.
Quiver AI Summary
CTRL Group Limited, a Hong Kong-based marketing and advertising services provider focused on mobile games promotion, announced that R.F. Lafferty & Co., Inc. has fully exercised its over-allotment option by purchasing an additional 300,000 ordinary shares at the IPO price of $4.00 each. This brings the total gross proceeds from the IPO to $9.2 million, with a total of 2,300,000 shares issued. The company previously filed a Registration Statement with the SEC that was declared effective on December 31, 2024, and the final prospectus was submitted on January 22, 2025. The press release, intended for informational purposes, clarifies that it does not constitute an offer for the securities, emphasizing the company's strong market presence and commitment to mobile game developers.
Potential Positives
- The company successfully raised $9.2 million in gross proceeds through the exercise of the over-allotment option in its IPO, enhancing its financial resources for growth and operations.
- The full exercise of the over-allotment option indicates strong investor confidence in CTRL Group Limited's market position and future prospects.
- CTRL Group Limited has established a significant market share in the mobile games promotion sector in Hong Kong, indicating its competitive advantage and relevance in the industry.
- The completion of the IPO and the associated filings with the SEC signal the company's commitment to transparency and regulatory compliance, which can enhance investor trust.
Potential Negatives
- The need to raise additional funds through an over-allotment option may indicate that the company is facing financial pressures or short-term cash flow needs.
- The reliance on a small number of underwriters for the IPO could pose risks if market conditions change or if the underwriters fail to perform adequately.
- Forward-looking statements in the release highlight uncertainties about the company's future performance, which may undermine investor confidence.
FAQ
What is CTRL Group Limited's main business focus?
CTRL Group Limited specializes in integrated marketing and advertising services for mobile games in Hong Kong.
How much did CTRL Group raise from its IPO?
CTRL Group raised a total of $9.2 million through its initial public offering (IPO).
Who were the underwriters for the CTRL Group IPO?
R.F. Lafferty & Co., Inc. acted as the representative underwriter, with Revere Securities LLC as co-underwriter.
Where can I find the IPO prospectus for CTRL Group?
The final prospectus is available on the SEC's website and can also be obtained from R.F. Lafferty & Co.
What is the significance of the over-allotment option exercised?
The over-allotment option allows underwriters to purchase additional shares, demonstrating strong investor demand for CTRL Group's stock.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
Kowloon, Hong Kong, Jan. 27, 2025 (GLOBE NEWSWIRE) -- CTRL Group Limited (the “Company”) (NasdaqCM: MCTR), an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion for the local market, today announced that R.F. Lafferty & Co., Inc., which acted as the representative of the underwriters of the Company’s initial public offering (the “IPO”), has exercised the full over-allotment option and purchased an additional 300,000 ordinary shares of the Company at the IPO price of $4.00 per share. As a result, the Company has raised an aggregate of $9.2 million in gross proceeds, before underwriting discounts and other related expenses, through the issuance of a total of 2,300,000 ordinary shares in the IPO.
R.F. Lafferty & Co., Inc. acted as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter (collectively, the “Underwriters”) for the Offering. The Crone Law Group, P.C. served as counsel to the Company. VCL Law LLP served as counsel to the Underwriters.
A Registration Statement on Form F-1, as amended (File No. 333-277979) (the “Registration Statement”), was previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on December 31, 2024. The Offering was made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the Offering was filed with the SEC on January 22, 2025, and is available on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from R.F. Lafferty & Co., Inc. at 40 Wall Street, 27th Floor New York, NY 10005, or by telephone at +212.293.9090.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CTRL Group Limited
The Company’s wholly owned subsidiary and operating company, CTRL Group Limited, is an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion for the local market. The Company provides services to mobile game developers, principally developers of mobile gaming applications or “apps” that gamers download from the developers’ websites and applicable mobile operating systems, such as Apple Store or Android Google Play Store. The market for specialized mobile game advertising in Hong Kong is occupied by a few market players who compete with one another. The Company’s prominent market share and proven track record are indicative of its audience reach and engagement, as well as its relevance to advertisers in Hong Kong markets. For more information, please visit the Company's website: https://www.ctrl-media.com/
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Investor Relations
CTRL Group Limited
Phone: +852-3107-4887
Email: [email protected]