Singapore, March 19, 2025 – Basel Medical Group Ltd (Nasdaq: BMGL), a Singapore-based clinical provider specializing in orthopedic and trauma services, sports medicine and surgery, orthopedic procedures, and neurosurgical treatments, has announced the full exercise of the overallotment option by the underwriters’ representative from its initial public offering. This involves the purchase of an additional 330,750 ordinary shares at US$4.00 each, and the closing of this issuance. The Company’s shares began trading on the Nasdaq Capital Market on February 25, 2025, under the ticker symbol “BMGL”.
The gross proceeds from this overallotment closing amounted to $1,323,000, bringing the total gross proceeds from the offering to US$10,143,000, before accounting for underwriting discounts and offering expenses payable by the Company.
The Company plans to allocate the net proceeds from the offering to (i) potential mergers and acquisitions, (ii) business expansion, including acquiring additional clinic space, enhancing auxiliary service capabilities like X-ray, physiotherapy, and laboratory testing, recruiting more medical practitioners and staff, upgrading technology systems, and increasing marketing expenditure, and (iii) general operations and working capital.
The offering was a firm commitment underwriting. Cathay Securities, Inc. served as the lead underwriter, and Revere Securities LLC acted as the co-underwriter. Sichenzia Ross Ference Carmel LLP was the U.S. securities counsel to the Company, while Hunter Taubman Fischer & Li LLC served as U.S. securities counsel to the underwriters.
The shares were offered under a registration statement on Form F-1, as amended (File Number: 333-282096), declared effective by the SEC on February 18, 2025. The offering was made via a prospectus forming part of the registration statement. A copy of the final prospectus can be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, Attention: Shell Li, or by calling +1 855-939-3888, or by email to , from Revere Securities LLC, 560 Lexington Ave, 16th Floor, New York, NY 10022, by calling +1 212-688-2350 or through email to , or via the SEC’s website at .
Prior to investing, carefully review the prospectus and other documents filed or to be filed with the SEC for comprehensive information about the Company and the offering. This press release is not an offer to sell or a solicitation of an offer to buy the Company’s securities, nor shall any securities be offered or sold in the United States without registration or an applicable exemption, nor shall there be any offer, solicitation, or sale of securities in any jurisdiction where such activities would be unlawful prior to registration or qualification under local securities laws. Any offers, solicitations, or sales of securities will be made according to the Securities Act of 1933, as amended.
About Basel Medical Group Ltd
Basel Medical, based in Singapore, provides orthopedic and trauma services, sports medicine and surgery, orthopedic procedures, and neurosurgical treatments. Its clinics are located at 6 Napier Road, Unit #02-10/11 and Unit #03-07, Gleneagles Medical Centre, Singapore. With over 20 years of experience, the group has established strong relationships with numerous corporations, particularly in the construction, marine, and oil & gas industries, supporting a robust business model. As an established orthopedic service provider in Singapore, Basel Medical is well-positioned to capitalize on growth opportunities in the private healthcare industry in Singapore and Southeast Asia, driven by factors like aging populations, rising income levels, increased private insurance coverage, government healthcare initiatives and spending, growing sports participation, and Singapore’s reputation as a premium healthcare destination in Asia. The management and medical team includes orthopedic and neurosurgery specialists, as well as corporate finance and healthcare partnership experts. Basel Medical Group Ltd is the holding company, conducting operations through its Singapore-based subsidiaries. For more information, visit the Company’s website: .
Forward-Looking Statements
This announcement contains forward-looking statements involving risks and uncertainties, based on the Company’s current expectations and projections regarding future events that may impact its financial condition, results of operations, business strategy, and financial needs. These statements can be identified by terms such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or similar expressions. The Company is not obligated to update or revise these statements to reflect new events, circumstances, or changes in expectations, except as legally required. While the Company believes these expectations are reasonable, it cannot guarantee their accuracy and advises investors that actual results may differ significantly from anticipated results. Investors are encouraged to review factors in the Company’s registration statement and other SEC filings that may affect future results.
For more information, please contact:
Basel Medical Group Ltd
Investor Relations
Email:
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