FX.co ★ Alta Global Group Prices IPO Of 1.30 Mln Shares At $5.00/shr

Alta Global Group Limited, going under the stock symbol "MMA", recently announced that it has finalized the price of its initial public offering (IPO). They have decided to offer 1.30 million shares at a cost of $5.00 per share, which results in gross proceeds amounting to $6.50 million. This figure is calculated before the deduction of any underwriting discounts or other expenses related to the offering.

Further, the company has also given underwriters a 45-day option which allows them to buy an additional 195,000 ordinary shares from the company itself. These shares would be used to cover any over-allotments and they would be priced at the IPO price, after deducting the underwriting discount.

Alta Global Group Limited has outlined several areas where they intend to use the net proceeds from the offering. These include marketing and sales activities, product development, research and development. They will also use some of the proceeds for general corporate purposes. This category includes meeting working capital requirements, operating costs and capital expenditures.

It is expected that the ordinary shares will commence trading on the NYSE American starting from March 28, 2024, under the symbol "MMA." The offering is slated to officially close on April 2, 2024. This, however, is subject to the fulfillment of common closing conditions.