Wellchange Holdings closed a public offering of 25 million shares, raising approximately $10 million at $0.40 per share.
Quiver AI Summary
Wellchange Holding Company Limited announced the completion of its public offering of 25 million ordinary shares at a price of $0.40 per share, raising approximately $10 million before expenses. The offering was facilitated by Revere Securities LLC as the exclusive placement agent and involved legal counsel from Ortoli Rosenstadt LLP and Hunter Taubman Fischer & Li LLC. The securities were registered under a Form F-1 with the SEC, effective January 14, 2025. Wellchange, based in Hong Kong, specializes in enterprise software solutions, particularly for small and medium businesses, helping them enhance digital transformation and productivity with its services. The press release includes a caution regarding forward-looking statements and urges investors to review the final prospectus for risk factors.
Potential Positives
- Wellchange Holding Company successfully closed a public offering of 25,000,000 ordinary shares, raising approximately $10 million in gross proceeds, which can bolster its financial position.
- The offering was made pursuant to a registration statement declared effective by the U.S. SEC, indicating compliance with regulatory requirements and enhancing the company's credibility in the market.
- Engagement with reputable financial institutions, including Revere Securities LLC and Pacific Century Securities, highlights the company's strong advisory support, potentially enhancing investor confidence.
Potential Negatives
- The public offering price of $0.40 per share may indicate a lack of confidence in the company's stock valuation, potentially leading to negative perceptions among investors.
- Gross proceeds of approximately $10 million from the offering might not sufficiently reflect the company's growth potential, raising concerns about its financial health and future prospects.
- The reliance on multiple advisors and placement agents in the offering could imply complexities or challenges in the company's capital-raising efforts.
FAQ
What was the total amount raised in Wellchange's public offering?
Wellchange raised approximately $10 million in its public offering of 25,000,000 ordinary shares.
When was the registration statement for the offering declared effective?
The registration statement for the offering was declared effective by the SEC on January 14, 2025.
Who acted as the placement agent for the offering?
Revere Securities LLC acted as the exclusive placement agent for Wellchange's public offering.
What services does Wellchange Holdings Company Limited provide?
Wellchange provides customized software solutions, cloud-based SaaS platforms, and white-label software design and development services.
Where can investors obtain the final prospectus for the offering?
The final prospectus for the offering can be obtained from Revere Securities LLC in New York.
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
Hong Kong, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Wellchange Holding Company Limited (NASDAQ: WCT) (“Company” or the “Wellchange”), an enterprise software solution services provider headquartered in Hong Kong, today announced the closing of its public offering of 25,000,000 ordinary shares at a public offering price of $0.40 per ordinary share.
Gross proceeds, before deducting placement agent fees and other offering expenses, were approximately $10 million.
Revere Securities LLC acted as exclusive placement agent in connection with the Offering.
Pacific Century Securities, LLC acted as advisor to the Company in connection with the Offering.
Ortoli Rosenstadt LLP acted as counsel to the Company regarding U.S. securities law matters. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel for the placement agent.
The securities described above were being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284034) (the “Registration Statement”), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 14, 2025. The Offering was being made only by means of a prospectus which is a part of the Registration Statement. A preliminary prospectus relating to the Offering has been filed with the SEC. Copies of the final prospectus relating to the Offering may be obtained from Revere Securities LLC, 560 Lexington Ave 16th floor, New York, NY 10022, at +1 (212) 688-2350.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Wellchange Holdings Company Limited
Wellchange Holdings Company Limited is an enterprise software solution services provider headquartered in Hong Kong. The Company conducts all operations in Hong Kong through its operating subsidiary, Wching Tech Ltd Co. The Company provides customized software solutions, cloud-based software-as-a-service (“SaaS”) platforms, and “white-label” software design and development services. The Company’s mission is to empower our customers and users, in particular, small and medium businesses, to accelerate their digital transformation, optimize productivity, improve customer experiences, and enable resource-efficient growth with our low-cost, user-friendly, reliable and integrated all-in-one Enterprise Resource Planning software solutions.
For more information, please visit the Company’s website: https://www.wchingtech.com/
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. 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. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Wellchange Holdings Company Limited
Shek Kin Pong, CEO
Email:
[email protected]
