CTRL Group Limited (Nasdaq: MCTR) is experiencing a positive trading session, with its shares currently up 5.5%. The rise came after the company’s shares opened at $4.21, just above the initial public offering (IPO) price of $4.00 per share. The stock began trading shortly before 11 a.m. ET on the day of the IPO.
The Hong Kong-based integrated marketing and advertising services provider specializing in mobile game promotion announced that it priced its initial public offering (IPO) of 2 million shares of common stock at $4.00 per share. The shares, trading under the symbol “MCTR,” have been admitted to the Nasdaq Capital Market and will begin trading on January 22, 2025.
CTRL Group expects to receive aggregate proceeds of $8 million from the offering before deducting underwriting discounts and other related expenses. The offering is expected to close on or about January 23, 2025, subject to customary closing conditions. In addition, the underwriters have been granted a 45-day option to purchase up to an additional 300,000 shares of common stock at the public offering price less the underwriting discount.
The Company plans to use the proceeds from the offering to expand into other geographies, operate as a mobile gaming operator, acquire potential media companies and for general working capital. RF Lafferty & Co., Inc. is representing the underwriters and Revere Securities LLC is acting as a co-underwriter for the offering.
CTRL Group Limited, a wholly owned subsidiary of CTRL Group, has a significant market share in the professional mobile gaming advertising space in Hong Kong, a space characterized by a limited number of players. The Company’s significant market share and proven track record underscore its ability to reach and engage audiences, making it a natural choice for advertisers in the local market.
