Fitell Corporation Announces Pricing Of $15M Initial Public Offering Of 3M Shares Of Common Stock At A Price Of $5/Share
Portfolio Pulse from Happy Mohamed
Fitell Corporation (NASDAQ:FTEL), an online retailer of gym and fitness equipment in Australia, has announced the pricing of its initial public offering (IPO) of 3 million shares at $5 per share, expecting to raise $15 million. The shares will start trading on Nasdaq on August 8, 2023. The proceeds will be used for business expansion, development of smart connected equipment, interactive platform, mobile application, potential mergers and acquisitions, and other corporate purposes.
August 08, 2023 | 2:31 pm
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Fitell Corporation's IPO at $5 per share is expected to raise $15 million. The proceeds will be used for various corporate purposes including business expansion and potential mergers and acquisitions.
The IPO is a significant event for Fitell Corporation as it provides the company with the necessary capital for its planned expansions and potential mergers and acquisitions. This could potentially lead to growth and increased market share, which could positively impact the company's stock price in the short term.
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