By Colin Kellaher
Warehousing and logistics service provider Armlogi Holdings has filed for an initial public offering of two million shares priced at $5 to $6 apiece.
At the $5.50 midpoint of that range, the Walnut, Calif., company said it expects net proceeds of about $8.4 million, or roughly $10 million if the underwriters exercise an option to buy an additional 300,000 shares.
Armlogi said it plans to use the bulk of the proceeds to expand its warehouse network and for the development of warehousing and logistics services, international ocean freight services and port trucking services.
Armlogi, which has applied to list its shares on the Nasdaq Capital Market under the symbol BTOC, said its chief executive, Aidy Chou, will hold roughly 68% of its voting power after the IPO.
Write to Colin Kellaher at [email protected]
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