Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
Use of Proceeds from Initial Public Offering
of Common Stock
On July 1, 2024, we closed
our initial public offering (“IPO”), in which we sold 1,500,000 shares of common stock at a price to the public
of $4.50 per share. The offer and sale of the shares in our IPO were registered under the Securities Act pursuant to a registration
statement on Form S-1 (File No. 333-278416), which was declared effective by the Securities and Exchange Commission on June 27, 2024.
We raised approximately $5.7 million in net proceeds after deducting underwriters’ discounts and commissions as well as
offering. As of the date of this report, with the proceeds of the IPO, we used approximately $3.3 million for in marketing activities
and business expansion and used approximately $2.4 million for working capital needs. We expect to use the remaining net proceeds for
(i) investment in strengthening our cross-border supply chain capabilities, (ii) marketing activities to grow our customer base,
(iii) strategic investments and potential mergers and acquisitions in the future, and (iv) general corporate purposes.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.