Richtech Robotics Inc., a leading provider of AI-driven service robots for the hospitality and healthcare industries, has announced the pricing of its upsized initial public offering (IPO). The company will offer 2,100,000 shares of its Class B common stock at a price of $5.00 per share, with the gross proceeds expected to be $10.5 million.
The IPO was originally planned for 2,000,000 shares but was increased due to strong investor demand. The underwriters of the offering have also been granted a 45-day option to purchase up to an additional 315,000 shares of Class B common stock at the public offering price.
Richtech Robotics plans to use the net proceeds from the offering for research and development, with a focus on developing and optimizing robots for various vertical applications. Additionally, the funds will be allocated for investment in inventory, marketing and promotion, and as supplementary working capital.
This IPO is a significant milestone for Richtech Robotics as it continues to lead the way in AI-driven service robots. The company’s innovative solutions have already gained recognition in the hospitality and healthcare sectors, enhancing customer experiences and empowering businesses to achieve more.
The offering is expected to close on November 21, 2023, subject to customary closing conditions. Following the completion of the offering, the shares of Richtech Robotics will begin trading on the Nasdaq Capital Market under the symbol “RR.”
R.F. Lafferty & Co., Inc. is acting as the sole book-running manager for the offering, with Revere Securities LLC as the co-underwriter.
New investors looking to participate in the IPO can access the registration statements filed with the U.S. Securities and Exchange Commission (SEC) on its website. The prospectus containing all the necessary information about the offering is available through the SEC’s website as well.
FAQ:
Q: What is Richtech Robotics?
A: Richtech Robotics is a provider of AI-driven service robots for the hospitality and healthcare industries.
Q: What is the pricing of the IPO?
A: The IPO will offer 2,100,000 shares of Class B common stock at a price of $5.00 per share.
Q: How much are the gross proceeds expected to be?
A: The gross proceeds from the offering are expected to be $10.5 million.
Q: What will Richtech Robotics use the net proceeds for?
A: The net proceeds will be used for research and development, inventory investment, marketing and promotion, and working capital.
Q: When will the offering close?
A: The offering is expected to close on November 21, 2023.