Pineapple Financial Inc. (NYSE American: PAPL) has disclosed the pricing details for its forthcoming initial public offering (IPO). The company has announced the offering of 875,000 common shares at a per-share price of $4.00 for public investors. The common shares are set to commence trading on the NYSE American Exchange under the ticker symbol “PAPL” on November 1, 2023.
Pineapple Financial anticipates raising aggregate gross proceeds of $3.5 million from this IPO, prior to accounting for underwriting discounts and other related expenses. Furthermore, the company has extended a 45-day option to underwriters for the purchase of an additional 131,250 common shares at the public offering price, less underwriting discounts. The offering is projected to conclude on November 3, 2023, contingent upon the fulfillment of customary closing conditions.
The raised capital from this IPO will be allocated for several strategic purposes, including improving technology, developing Pineapple Insurance Inc. (a subsidiary of the company), expanding business operations in Canada and North America, and addressing general corporate needs, such as working capital.
EF Hutton, a division of Benchmark Investments, LLC, has been designated as the sole book-running manager for this offering, while Dominari Securities LLC will serve as the co-manager. Legal counsel to the company is provided by Sichenzia Ross Ference LLP, and Lucosky Brookman LLP is acting as counsel to the underwriters involved in the offering.
Potential investors are urged to thoroughly review the prospectus and other documents filed with the SEC by the company for comprehensive information about Pineapple Financial Inc. and the particulars of this offering. It is important to note that this press release should not be regarded as an offer to sell or a solicitation to buy any of the company’s securities. Such securities will only be offered or sold in the United States following registration or qualifying for an applicable exemption from registration. There will be no offer, solicitation, or sale of any of the company’s securities in any state or jurisdiction in which such offers, solicitations, or sales would be illegal before registering or qualifying under the securities laws of that state or jurisdiction.
