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707 Cayman Holdings Limited Announces Closing of $10.0 Million Initial Public Offering
Globenewswireยท2025-06-10 18:04

Company Overview - 707 Cayman Holdings Limited is a Hong Kong-based company that specializes in selling quality apparel products and providing supply chain management solutions to customers across Western Europe, North America, and the Middle East [6]. Initial Public Offering (IPO) Details - The company announced the closing of its initial public offering, selling a total of 2,500,000 ordinary shares at a public offering price of $4.00 per share, resulting in total gross proceeds of $10.0 million before deductions [1]. - The shares began trading on the Nasdaq Capital Market under the ticker symbol "JEM" on June 9, 2025, with net proceeds to the company amounting to approximately $5.2 million after deducting underwriting discounts and offering expenses [2]. Use of Proceeds - The company plans to utilize the proceeds from the offering for several purposes, including: - Potential acquisitions of brands and/or licensing of new brands for distribution and sale - Branding and marketing initiatives - Hiring additional staff and expanding the sales and marketing team - Revamping the company website and developing a new mobile app - Digitalization of systems through investments in software such as enterprise resource planning and human resource management - Repayment of interest-free loans - General working capital and corporate purposes [2]. Underwriting and Legal Counsel - Bancroft Capital, LLC acted as the sole underwriter for the offering, while Troy Gould PC and Sichenzia Ross Ference Carmel LLP served as U.S. legal counsel for the company and the underwriter, respectively [3]. Regulatory Compliance - The offering was conducted under the company's registration statement on Form F-1, which was filed with the U.S. Securities and Exchange Commission and declared effective on June 9, 2025 [4].