UP Fintech Holding Limited (NASDAQ: TIGR), a leading Asian online brokerage firm, announced on Monday its intentions to offer and sell 6,500,000 American Depositary Shares (ADSs) – each one representing 15 Class A ordinary shares of the company in an underwritten public offering. According to a press release, the underwriters will have a 30-day option to purchase up to an additional 975,000 ADSs from UP Fintech.
With the ADS offering, the Asian brokerage company seeks to expand its customer base and bolster customer engagement across its multiple services, the announcement says. Moreover, UP Fintech wants to allocate more investment funds in developing products, services, and technology resources to improve its operating efficiency and processes.
“Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Tiger Brokers (NZ) Limited will act as the joint bookrunners for the proposed ADS offering. The proposed ADS offering will be made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the ‘SEC’) and is available on the SEC’s website at www.sec.gov, which automatically became effective upon filing,” UP Fintech clarified on its statement.
Also, the brokerage firm added – following SEC guidelines – that the announcement doesn’t constitute an offer to sell or a solicitation of an offer to buy the securities described above.
Recent Financial Results
Based in Beijing, China, UP Fintech recently published its unaudited first quarter 2021 financial results. According to the report, total revenues were $81.3 million, a 255.5% increase from the Q1 of 2020, and were boosted by solid gains in commissions, interest income, and revenues derived from its corporate business.
“The growth in our corporate businesses accelerated in the first quarter. Market adoption of our ESOP service has been phenomenal; we added 41 clients in the first quarter and now serve 165 in total. On the investment banking side, in the first quarter, we participated in 14 IPOs, of which we underwrote eight,” the company said in a statement at that time.
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