Netcapital, a distinguished player in the digital private capital markets ecosystem, has made an important announcement today.
The Nasdaq-listed company declared that it had successfully priced an underwritten public offering of 1 million shares of its common stock. The shares were priced at $0.70 per share, translating into aggregate gross proceeds of $1.2m before deducting underwriting discounts and offering expenses payable by Netcapital. As the sole issuer, the company plans to finalise the offering by July 24, 2023, subject to the fulfillment of customary closing conditions.
Netcapital operates a scalable technology platform that enables private companies to raise capital online and opens doors to private equity investment opportunities for investors. In addition, through its consulting group, Netcapital Advisors, the company offers strategic advice and marketing services, taking equity positions in selected companies with disruptive technologies. To maintain transparency and regulatory compliance, the Netcapital funding portal is registered with the SEC and is a member of FINRA, a registered national securities association.
The net proceeds from this public offering are earmarked for a variety of purposes by the company. Primarily, the funds will be utilised for general corporate purposes, capital expenditures, working capital and general and administrative expenses.
ThinkEquity has been identified as the sole book-running manager for this offering, ensuring its smooth execution. The securities involved in this offering were offered and sold under a shelf registration statement on Form S-3 (File No. 333-267921), filed with the SEC on October 18, 2022, and declared effective on October 26, 2022.
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