Pheton Holdings Ltd, a healthcare solution provider specializing in brachytherapy treatment planning systems, announced the closing of its Initial Public Offering (IPO).

BEIJING, China, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Pheton Holdings Ltd (the “Company” or “Pheton”), a healthcare solution provider specializing in treatment planning systems for brachytherapy and other related products and services, today announced the closing of its initial public offering (the “Offering”) of 2,250,000 Class A ordinary shares at a public offering price of $4.00 per share, for total gross proceeds of $9 million, before deducting underwriting discounts and other related expenses.

The Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 337,500 Class A ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any. The Company’s Class A ordinary shares began trading on the Nasdaq Capital Market under the symbol “PTHL” on September 5, 2024.

The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for research and development, technology upgrades, market expansion, internal control and operation system improvements, and supplemental liquidity.

CATHAY SECURITIES, INC. acted as the representative of the underwriters of the Offering, and Dominari Securities LLC was a co-underwriter. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company, and The Crone Law Group P.C. acted as U.S. counsel to the underwriters in connection with this Offering.

A registration statement on Form F-1, as amended, (File Number: 333-274944) was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on September 4, 2024. A final prospectus relating to the Offering dated on September 4, 2024 has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering, when available, may be obtained from CATHAY SECURITIES, INC. by email at mark.zagotti@cathaysecurities.com, by standard mail to CATHAY SECURITIES, INC. 40 Wall Street, Suite 3600, New York, NY10005, or by telephone at +1 (631) 897-2208.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. 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.

About ZJK Industrial Co., Ltd.

ZJK Industrial Co., Ltd. is a high-tech enterprise specialized in manufacturing and sale of precision fasteners, structural parts and other precision metal parts products applied in a variety of industries, including intelligent electronic equipment, new energy vehicles, aerospace, energy storage systems and liquid cooling systems used in artificial intelligence supercomputers. With about twelve-year involvement in precision metal parts manufacturing industry, the Company has owned a professional team, a series of highly automated and precise manufacturing equipment, stable and strong customer group, and complete quality management systems. It mainly offers standard screws, precision screws and nuts, high-strength bolts and nuts, turning and Computer Numerical Control (CNC) machining parts, Surface Mounting Technology for miniature parts packaging; and technology service for research and development from professional engineering team. For more information, please visit the Company's website at https://ir.zjk-industrial.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. 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 find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions in this announcement and the registration statement. 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 SEC.

For more information, please contact:
ZJK Industrial Co., Ltd.
Phone: +86-0755-28341175
Email: ir@zjk-industrial.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com