RECTITUDE CLOSES US$8 MLN IPO ON NASDAQ

KUALA LUMPUR, June 25 (Bernama) -- Singapore-based Rectitude Holdings Ltd (Rectitude), announced the closing of its initial public offering (IPO) of two million ordinary shares at US$4.00 per ordinary share, for total gross proceeds of US$8 million. (US$1 = RM4.70)

Rectitude has granted the underwriter AGP/Alliance Global Partners (AGP), an option, exercisable within 45 days from the closing date of the IPO, to purchase up to an additional 300,000 ordinary shares at the offering price.

Shares of the company’s common stock began trading on the Nasdaq Capital Market under the symbol “RECT” on June 21.

The company in a statement said the proceeds from the IPO will be used with the intention for marketing and promotional campaigns, product development, digital transformation and system upgrades, along with working capital and general corporate purposes.

AGP acted as the sole book-running manager for the IPO, while Ortoli Rosenstadt LLP acted as the United States (US) counsel to Rectitude, and The Crone Law Group as US counsel to AGP in connection with this offering.

Founded in 1997, Rectitude is principally involved in the provision of safety equipment, encompassing essential items such as personal protective clothing, gloves, safety footwear, personal fall arrest systems, portable fire extinguishers and traffic products.

-- BERNAMA