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iOThree Limited Announces Closing of Initial Public Offering

SINGAPORE, April 11, 2025 (GLOBE NEWSWIRE) -- iOThree Limited ("iOThree" or the "Company") (NASDAQ:IOTR), a leading provider of maritime digital technologies including satellite connectivity and digitalization solutions in Singapore with a focus on facilitating the maritime industry towards digital transformation, today announced the closing of its initial public offering (the "Offering") of an aggregate of 2,100,000 ordinary shares of par value $0.00625 per share (the "Ordinary Shares"), at a public offering price of US$4.00 per share, of which 1,650,000 Ordinary Shares were sold by the Company and 450,000 Ordinary Shares were sold by the selling shareholders of the Company. The Company did not receive any proceeds from any sale of Ordinary Shares by the selling shareholders. The Company's Ordinary Shares began trading on April 10, 2025, U.S. Eastern time, on the Nasdaq Capital Market under the ticker symbol "IOTR".

The aggregate gross proceeds from the Offering were $8,400,000, including $6,600,000 received by the Company and $1,800,000 received by the selling shareholders of the Company. In addition, the Company has granted the underwriters a 45-day option (the "Over-Allotment Option") to purchase up to 247,500 Ordinary Shares to cover over-allotments at the initial public offering price, less underwriting discounts. The Company intends to use the net proceeds from the Offering for: (i) solution development to expand and enhance its current solution offerings for JARVISS; (ii) obtaining class approval from major maritime organization for its range of digital applications; (iii) marketing and branding, including expanding commercial sales team with dedicated marketing staff, and investing in marketing and promotional ...

https://www.benzinga.com/pressreleases/25/04/g44773860/iothree-limited-announces-closing-of-initial-public-offering