Powell Max Limited Announces IPO Pricing

Powell Max Limited (Nasdaq: PMAX) has announced the pricing of its initial public offering (IPO) of 1,426,750 Class A Ordinary Shares at a public offering price of $4 per share. The company expects to receive aggregate gross proceeds of $5,707,000 from the offering, before deducting underwriting discounts and other expenses. Additionally, the company has granted the underwriter a 45-day option to purchase an additional 214,012 shares at the public offering price, less underwriting discounts.

The shares are expected to begin trading on the Nasdaq Capital Market on September 5, 2024, under the symbol PMAX. The offering is expected to close on September 6, 2024, subject to customary closing conditions.

The company intends to use the net proceeds from the offering for establishing overseas business entities, branches, and offices; potential mergers and acquisitions; repayment of bank loans; and for working capital and general corporate use.

WallachBeth Capital LLC is acting as the lead underwriter for the offering, while Revere Securities LLC is the co-manager. K&L Gates serves as U.S. counsel for the company, and Hunter Taubman Fischer & Li LLC is the U.S. counsel for the underwriter.

A registration statement on form F-1 (333-279859) related to these securities was filed with and declared effective by the United States Securities and Exchange Commission on September 4, 2024. The offering is made only by means of a prospectus. Once available, a copy of the final prospectus may be obtained from the underwriter by email at cap-mkts@wallachbeth.com. The final prospectus will also be filed with the SEC and will be available on their website at https://www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.