HONG
KONG, Jan. 26, 2024 /PRNewswire/ -- SU Group
Holdings Limited (Nasdaq: SUGP) ("SU Group" or the "Company"), an
integrated security-related engineering services company in
Hong Kong, today announced the
closing of its initial public offering (the "Offering") of
1,250,000 ordinary shares at a public offering price of
US$4.00 per share. The ordinary
shares began trading on the Nasdaq Capital Market on January 24, 2024 under the ticker symbol
"SUGP."
Gross proceeds to SU Group from the Offering were $5.0 million, before deducting underwriting
discounts and commissions and other related expenses payable by the
Company. In addition, the Company has granted the underwriters a
30-day option from the closing of the Offering to purchase up to an
additional 187,500 shares of ordinary shares at the public offering
price, less underwriting discounts, and issued to the underwriters
warrants to purchase up to a total of 71,875 ordinary shares (5% of
the number of ordinary shares sold in the Offering) during the
four and a half-year period commencing six months from the
commencement date of sales in the Offering.
The Company expects to use the net proceeds from the sale of the
shares to deepen its penetration of the security-related
engineering services industry, strengthen development capability,
enhance product offerings under the "SUNGATE" brand, expand
security guarding services, improve operational efficiency and
scalability, expand its related vocational training services,
pursue strategic acquisitions and investment opportunities to
fortify its market position, further enhance competitiveness in the
security services industry, and address general working capital
needs.
The Benchmark Company, LLC acted as sole book-running manager
for the Offering.
A registration statement on Form F-1 (File No. 333-275705)
relating to the securities being sold in this Offering was filed
with the U.S. Securities and Exchange Commission (SEC) and became
effective on December 29, 2023. The
Offering was made only by means of a prospectus. Copies of the
final prospectus relating to the Offering may be obtained from: The
Benchmark Company, LLC, 150 East 58th St., 17th Floor, New York, NY 10155, by telephone: (212)
312-6700, or by email at: Prospectus@benchmarkcompany.com.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or jurisdiction.
About SU Group Holdings Limited
SU Group (Nasdaq: SUGP) is an integrated security-related
services company that primarily provides security-related
engineering services, security guarding and screening services, and
related vocational training services in Hong Kong. Through its
subsidiaries, SU Group has been providing turnkey services to the
existing infrastructure or planned development of its customers
through the design, supply, installation, and maintenance of
security systems for over two decades. The security systems that SU
Group provides services include threat detection systems, traffic
and pedestrian control systems, and extra-low voltage systems in
private and public sectors, including commercial properties, public
facilities, and residential properties in Hong Kong. For more information visit
www.sugroup.com.hk.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements, including with respect to the anticipated use of the
net proceeds. No assurance can be given that the net proceeds of
the offering will be used as indicated. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on the Company's current expectations and projections
about future events that the Company believes may affect its
financial condition, results of operations, business strategy and
financial needs. Investors can identify these forward-looking
statements by words or phrases such as "anticipate," "estimate,"
"plan," "project," "continuing," "ongoing," "expect," "we believe,"
"we intend," "may," "should," "will," "could" and similar
expressions. These statements are subject to uncertainties and
risks including, but not limited to, the risk factors discussed in
the "Risk Factors" section of the registration statement for
the Offering filed with the SEC. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and other filings with the U.S.
Securities and Exchange Commission.
Contact:
Global IR Partners
David Pasquale
Phone: +1 914-337-8801
Email: SUGP@globalirpartners.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/su-group-holdings-limited-announces-closing-of-initial-public-offering-302045725.html
SOURCE SU Group Holdings Limited