Starbox Group Holdings Ltd. (the “Company” or “Starbox Group”), a service provider of cash rebates, digital advertising, and payment solutions, today announced the pricing of its initial public offering (the “Offering”) of 5,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on August 23, 2022 under the ticker symbol “STBX.”
The Company expects to receive aggregate gross proceeds of US$20 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 750,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about August 25, 2022, subject to the satisfaction of customary closing conditions.
Proceeds from the Offering will be used for expanding the Company’s business into other countries in Southeast Asia, upgrading the Company’s software and systems and promoting the Company’s brands in Malaysia.
The Offering is being conducted on a firm commitment basis. Network 1 Financial Securities, Inc. is acting as the underwriter and book-running manager for the Offering. Hunter Taubman Fischer & Li LLC is acting as the U.S. counsel to the Company, and Loeb & Loeb LLP is acting as the U.S. counsel to Network 1 Financial Securities, Inc. in connection with the Offering.
