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MASTERBEEF GROUP Announces Closing of Partial Exercise of Over-Allotment Option in its Initial Public Offering
Globenewswireยท 2025-05-16 20:05
Core Viewpoint - MasterBeef Group has successfully issued an additional 155,000 ordinary shares at a price of US$4.00 per share, raising approximately $620,000 to support its expansion and operational initiatives [1] Group 1: Company Overview - MasterBeef Group is a full-service restaurant group based in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue [5] - The company operates 12 restaurant outlets under the Master Beef and Anping Grill brands through its Hong Kong Operating Subsidiaries [5] Group 2: Financial Details - The additional shares were issued as part of the partial exercise of the underwriter's over-allotment option related to the company's initial public offering [1] - The ordinary shares began trading on the Nasdaq Capital Market on April 10, 2025, under the ticker symbol "MB" [1] Group 3: Use of Proceeds - The net proceeds from the offering will be utilized for: - Expansion of the restaurant network, including new outlets and franchising in Hong Kong and Southeast Asia [1] - Marketing and branding campaigns to enhance customer base and brand strength [1] - Production and sale of semi-finished food products, such as packaged hotpot soup base and marinated food products [1] - Investment in technology solutions for table service, inventory management, and order processing, along with IT system upgrades [1] - General corporate purposes to support business development and strategic direction [1]