Gelteq Closes $5.2M IPO

Gelteq Limited (GELS), a global biotechnology company that specializes in the formulation, development, and manufacturing of ingestible gel technology, announced today the closing of its initial public offering of 1,300,000 ordinary shares at a public offering price of US$4.00 per share. The ordinary shares commenced trading on the Nasdaq Global Market on October 29, 2024 under the symbol “GELS.”

The gross proceeds from the offering, before deducting underwriting fees and other offering expenses payable by the Company, were US$5.2 million. The Company intends to use the net proceeds from the offering for various purposes, including funding certain manufacturing, marketing and research and development activities.

The Benchmark Company, LLC acted as the lead managing underwriter for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 195,000 ordinary shares solely to cover any over-allotments.

A registration statement on Form F-1 (File No. 333-280804) relating to the offering was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on September 30, 2024. The offering is being made only by means of a prospectus. A final prospectus relating to the offering was filed with the SEC. Electronic copies of the final prospectus may be obtained on the SEC’s website at https://www.sec.gov and may also be obtained by contacting The Benchmark Company, LLC, 150 East 58th Street, 17th Floor, New York, New York 10155, at (212) 312-6700, or by email at Această adresă de email este protejată contra spambots. Trebuie să activați JavaScript pentru a o vedea. .

This press release shall not constitute an offer to sell or the 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 registration or qualification under the securities laws of any such state or jurisdiction.

Source: Investing.com