Erayak Power Solution Group Inc (NASDAQ:RAYA) said its initial public offering of 3 million Class A shares will be offered at a price of $4 per share for total gross proceeds of $12 million before expenses.
The leading manufacturer, designer, and exporter of high-quality products in the power supply industry said in a statement that its Class A shares commenced trading on the Nasdaq Capital Market on December 14, 2022, under the ticker symbol “RAYA.”
Craft Capital Management LLC and RF Lafferty & Co Inc are acting as co-underwriters and joint book-runners for the offering, Erayak said.
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The company noted that it has granted the underwriters a 45-day option to purchase up to an additional 450,000 ordinary shares at the public offering price, less underwriting discount, and commissions.
The offering is expected to close on or about December 16, 2022, subject to customary closing conditions.
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