SINGAPORE, July 26, 2024 — OrangeKloud Technology Inc. (“ORKT” or “the Company”) announced today the completion of its previously announced initial public offering of a total of 2,750,000 Class A Ordinary Shares (“the Offering”) at a price of $4.75 per share (“the Offering Price”) to the public. This resulted in gross proceeds of approximately US$13.1 million to the Company, before deducting underwriting discounts and offering expenses. The shares commenced trading on the NASDAQ Capital Market on July 25, 2024, under the symbol “ORKT.” Additionally, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 412,500 Class A ordinary shares at the Offering Price, representing 15% of the Class A ordinary shares sold in the Offering (“the Overallotment”).
Assuming the Overallotment is exercised, the Company is expected to receive gross proceeds amounting to approximately US$15.0 million before deducting underwriting discounts and commissions and estimated offering expenses.
Maxim Group, LLC (“Maxim”) served as the sole Book-Running manager for the offering. Loeb & Loeb LLP, Bird & Bird ATMD LLP and Harney Westwood & Riegels Singapore LLP are acting as U.S., Singapore, and Cayman Islands legal counsel to the Company, respectively, while Pryor Cashman LLP is acting as U.S. legal counsel to Maxim for the Offering.
The Offering and resale registration statement are being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-277162), as amended, declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 24, 2024. The Offering is being made solely through a prospectus. Before investing, you should review the prospectus and other documents the Company has filed or will file with the SEC for more detailed information about the Company and the Offering. These documents can be accessed free of charge by visiting EDGAR on the SEC Website at . Alternatively, electronic copies of the prospectus relating to the Offering can be obtained from Maxim Group, LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, by phone at +1 (212) 895-3500, or by email at syndicate@maximgrp.com. Additionally, a copy of the final prospectus, when available, relating to the Offering can be obtained via the SEC’s website at .
Before investing, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release is solely for informational purposes and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and OrangeKloud Technology Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About OrangeKloud Technology Inc.
Orangekloud Technology Inc. (NASDAQ: ORKT) is a Singapore-based technology company which offers the eMOBIQ® No-Code platform to develop mobile applications specially designed for Small and Medium Enterprises (SMEs) and corporations. There is a suite of eMOBIQ® mobile applications designed to digitalize and streamline business processes in operations including warehousing, sales order processing, delivery and manufacturing. Customers of eMOBIQ® come from various industries including food manufacturing and food service industry, precision engineering, construction, retail, energy, and warehouse management sectors.
OrangeKloud Technology Inc. Investor Relations Contact:
1 Yishun Industrial Street 1 #04-27/28 & 34 Aposh Building Bizhub
Singapore 768160
(+65) 6317 2050
Email: ir@orangekloud.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com