Davis Commodities Limited Announces Closing of Initial Public Offering Including Full Exercise of Over-Allotment Option
September 21 2023 - 4:05PM
Davis Commodities Limited (Nasdaq: DTCK) (the "Company" or "Davis
Commodities"), an agricultural commodity trading company that
specializes in trading sugar, rice, and oil and fat products, today
announced the closing of its initial public offering (the
"Offering") of 1,250,625 ordinary shares at a public offering price
of US$4.00 per ordinary share, including 163,125 ordinary shares
issued pursuant to the full exercise of the underwriters’
over-allotment option. The ordinary shares began trading on the
Nasdaq Capital Market on September 19, 2023 under the ticker symbol
"DTCK."
The Company received aggregate gross proceeds of
approximately US$5.00 million from the Offering, before deducting
underwriting discounts and other related expenses.
Proceeds from the Offering will be used for (i)
business expansion, including strengthening market position,
expanding the scope of product offerings, engaging in strategic
acquisitions and investments, joint venture partnerships, and
investing in equipment and technology; (ii) repayment of bank
borrowings with the incurred interest expenses; and (iii) working
capital and general corporate matters.
The Offering was conducted on a firm commitment
basis. Univest Securities, LLC ("Univest") acted as the sole
book-running manager for the Offering. Hunter Taubman Fischer &
Li LLC acted as U.S. counsel to the Company, and Ortoli Rosenstadt
LLP acted as U.S. counsel to Univest in connection with the
Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the U.S. Securities and Exchange
Commission (the "SEC") (File Number: 333-270427) and was declared
effective by the SEC on September 18, 2023. The Offering was made
only by means of a prospectus, forming a part of the registration
statement. Copies of the prospectus relating to the Offering may be
obtained from Univest, Attn: 75 Rockefeller Plaza, Suite 1838, New
York, NY 10019, or by email at info@univest.us, or by calling +1
(212)-343-8888. In addition, copies of the prospectus relating to
the Offering may be obtained via the SEC's website at
www.sec.gov.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy any of the
Company's securities, nor shall there be any offer, solicitation or
sale of any of the Company's 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 such state or jurisdiction.
About Davis Commodities
Limited
Based in Singapore, Davis Commodities Limited is
an agricultural commodity trading company that specializes in
trading sugar, rice, and oil and fat products in various markets,
including Asia, Africa and the Middle East. The Company sources,
markets, and distributes commodities under two main brands: Maxwill
and Taffy, and exclusively distributes the Lin brand in Singapore.
The Company also provides customers of its commodity offerings with
complementary and ancillary services, such as warehouse handling
and storage and logistics services. The Company utilizes an
established global network of third-party commodity suppliers and
logistics service providers to distribute sugar, rice, and oil and
fat products to customers in over 20 countries, as of the fiscal
year ended December 31, 2022. For more information, please visit
the Company’s website: ir.daviscl.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 “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may” or other similar
expressions in this prospectus. 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:
Davis Commodities
LimitedInvestor Relations DepartmentEmail:
investors@daviscl.com
Ascent Investor Relations
LLCTina XiaoPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
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