KUALA LUMPUR, June 24 -- Bon Natural Life Limited (BON) has announced the pricing of its firm commitment initial public offering of 2,200,000 ordinary shares, par value US$0.0001 per share (the Shares) at a public offering price of US$5.00 per Share (the Offering). (US$1 = RM4.162)
This is for total gross proceeds of US$11.0 million, before deducting underwriting discounts, commissions and other related expenses, according to a statement.
In addition, BON has granted the underwriters a 45-day option to purchase up to an additional 330,000 Shares at the public offering price, less underwriting discount and commissions.
The Shares are expected to begin trading on the Nasdaq Capital Market under the ticker symbol ‘BON’ on June 24, whereby the Offering is expected to close on or about June 28, subject to the satisfaction of customary closing conditions.
The Company intends to use the proceeds for working capital, to expand their sales and distribution network, research and development, and to expand production capacity.
US Tiger Securities Inc and Newbridge Securities Corporation are acting as co-lead book running managers, and R.F. Lafferty & Co Inc is acting as the joint lead book running manager.
BON is one of the leading bio-ingredient solutions providers in the natural, health and personal care industries. More details at www.bnlus.com.
-- BERNAMA
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