Vancouver, Canada – Pinnacle Food Group Limited (Nasdaq: PFAI), a Vancouver-based company specializing in smart hydroponic growing systems, has announced the successful closing of its initial public offering (IPO).
According to the announcement, with the sale of 1,800,000 Class A common shares at $4.00 per share, Pinnacle has raised gross proceeds of $7.2 million.
The company’s Class A Common Shares began trading on the Nasdaq Capital Market on April 22, 2024, under the ticker symbol “PFAI.” Further, Pinnacle has granted the underwriters a 45-day option to purchase up to an additional 270,000 Class A Common Shares.
Pinnacle plans to allocate the proceeds from the IPO towards enhancing the functionality of its hydroponic growing systems and expanding its business operations. The company also aims to utilize the funds for working capital and general corporate purposes. Craft Capital Management LLC served as the representative of the underwriters for the offering.
Pinnacle Food Group Limited sells smart hydroponic growing systems and technical support to households, groups, and farms. For those seeking to create urban farms, Pinnacle Food Group Limited sells both hardware and data-driven support.
In summary, the Vancouver-based company has launched an IPO to enhance hydroponic growing systems. Pinnacle Food Group Limited is now available on the Nasdaq Capital Market under PFAI, which marks a milestone for the company.
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