Tech-based interior furnishing Northann Corp said it set pricing for initial public offering (IPO) of 1.2 million shares for $5 per share on Wednesday, with total gross proceeds of $6 million before deducting underwriting discounts and offering expenses.
Northann said shares will be listed on New York Stock Exchange (NYSE) from October 19 and is expected to close on October 23, under the ticker symbol ‘NCL’.
The company said it aims to allocate the fund towards several strategic initiatives, including the acquisition of facilities and equipment in United States, advancement of product development efforts, expanding sales and marketing activities, and supporting general working capital requirements.
The designing company said it would extend the underwriter a 45 day option following the closure allowing to acquire an additional 180,000 shares at the initial offering price.
The company initially registered to go public by filing Form S-1 with U.S. Securities and Exchange Commission (SEC), effective on September 29.
The company decided to go public after the appointment of David Kratochvil as its new financial chief, effective July 14.
Elk Grove, California-based Northann specializes in 3D-printed flooring solutions under the brand name ‘Benchwick’. The company and its subsidiaries work as technology innovators, producers, and full-range service providers of natural and sustainable material-based products used in interior finishes.
