Infobird Co Ltd. (NASDAQ: IFBD) stock plunged by 28.36% at the last check in current market trading after IFBD has released the pricing of its underwritten initial public offering. Infobird is a software-as-a-service provider of creative AI-powered, or artificial intelligence enabled, customer experience solutions in China, with its headquarters in Beijing.
What is happening?
On April 19, 2021, Infobird announced the pricing of its underwritten initial public offering of 6,250,000 ordinary shares at $4.00 per share including underwriting discounts and commissions. The offering is made on the grounds of a solid promise. Infobird is offering all of the ordinary shares for sale. Before underwriting discounts and fees, as well as sale costs, the estimated projected gross proceeds of the initial public offering are $25,000,000.
The ordinary shares have been cleared for listing on The NASDAQ Capital Market and will begin trading on April 20, 2021, under the ticker symbol “IFBD.” Subject to customary closing terms, the offering is scheduled to close on April 22, 2021.
The book-running manager for the offering is WestPark Capital, Inc. To offset any over-allotments, Infobird has given the underwriters a 45-day option to buy up to an additional 937,500 ordinary shares at the initial public offering price, minus underwriting discounts and commissions.
About WestPark Capital
WestPark Capital is a full-service investment bank specializing in new growth markets such as healthcare, electronics, telecommunications, biotechnology, financial services, production, consumer goods, advertising, and telecom. Initial public offerings, follow-on offerings, ATMs, Registered Direct Offerings (RD), CMPOs, private placements, SIPOs, and corporate finance advisory services are all available from WestPark Capital.