Orange Cloud Technology Co., Ltd.
SINGAPORE, July 26, 2024 (GLOBE NEWSWIRE) — OrangeKloud Technology Inc. (“ORKT” or the “Company”) today announced the completion of its previously announced initial public offering of an aggregate of 2,750,000 Class A common shares (the “Offering”) to the public at $4.75 per share (the “Offering Price”), resulting in gross proceeds to the Company of approximately US$13.1 million before deducting underwriting discounts and offering expenses. The shares began trading on The Nasdaq Capital Market under the symbol “ORKT” on July 25, 2024. In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 412,500 Class A common shares at the Offering Price, representing 15% of the Class A common shares sold in the Offering (the “Over-Allotment”).
If the over-allotment is exercised, the Company expects to receive aggregate proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately US$15 million.
Maxim Group, LLC (“Maxim”) is acting as sole book-running manager for the offering. Loeb & Loeb LLP, Bird & Bird ATMD LLP and Harney Westwood & Riegels Singapore LLP are acting as U.S., Singapore and Cayman Islands legal advisors to the Company, respectively, and Pryor Cashman LLP is acting as U.S. legal advisor to Maxim in this offering.
The offering and resale registration statement will be made pursuant to the Company’s registration statement on Form F-1, as amended (File No. 333-277162), which was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 24, 2024. The offering will be made only by means of a prospectus. Before investing, you should read the prospectus and other documents that the Company has filed or will file with the SEC for more information about the Company and the offering. These documents may be obtained free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, you may obtain an electronic copy of the prospectus relating to the offering from Maxim Group, LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, telephone +1 (212) 895-3500, or email syndicate@maximgrp.com. In addition, copies of the final prospectus relating to the offering, when available, may be obtained from the SEC’s website at www.sec.gov.
Before investing, you should read the prospectus and other documents that the Company has filed or will file with the SEC for more information about the Company and this offering. This press release has been prepared for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will 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.
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Forward-Looking Statements
Certain statements in this press release concerning future expectations, plans and prospects, and other statements concerning matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the expected commencement and completion dates of trading. Words such as “anticipate,” “believe,” “continue,” “may,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated in such forward-looking statements as a result of various important factors, including uncertainties related to market conditions, the completion or consummation of the initial public offering on the expected terms and other factors discussed in the “Risk Factors” section of the preliminary prospectus filed with the SEC. For these reasons and more, investors are cautioned not to place undue reliance on the forward-looking statements in this press release. The forward-looking statements contained in this press release are made as of the date hereof, and OrangeKloud Technology Inc. expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About OrangeKloud Technology Inc.
Orangekloud Technology Inc. (NASDAQ: ORKT) is a Singapore-based technology company offering the eMOBIQ® no-code platform for developing mobile applications designed specifically for small, medium and large enterprises. It has the eMOBIQ® suite of mobile applications designed to digitize and streamline business processes in operations such as warehousing, sales order processing, distribution and manufacturing. eMOBIQ® clients span multiple industries including food manufacturing, foodservice industry, precision engineering, construction, retail, energy and warehousing sectors.
OrangeKloud Technology Inc. Investor Relations Contact:
1 Yishun Industrial Street 1 #04-27/28 & 34 Apoche Building Bizhub
Singapore 768160
(+65) 6317 2050
Email: ir@orangekloud.com
Investor Relations Contact:
Skyline Corporate Communications Group LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, NY 10036
Office: (646) 893-5835
Email: info@skylineccg.com
