Guangzhou, China, January 10, 2025 (GLOBE NEWSWIRE) — 3 E Network Technology Group Limited (Nasdaq: MASK) (the “Company” or “3e Network”), a business-to-business (“B2B”) information solutions provider technology business (“TI”), today announced the closing of its initial public offering (the “Offering”) of 1,250,000 shares of Class A common stock at a public offering price of US$4.00 per share. The Class A common stock began trading on the Nasdaq Capital Market on January 8, 2025 under the symbol “MASK.”
The Company raised aggregate gross proceeds of US$5.00 million from the Offering, before deducting underwriting commissions and discounts and other related expenses payable by the Company. In addition, the Company has granted the underwriters an option, exercisable within 45 days from the date of the final prospectus, to purchase up to an aggregate of 187,500 additional shares of Class A common stock at the public offering price, less underwriting commissions and discounts.
The proceeds of the Offering will be used for (i) the expansion of current activities; (ii) general working capital; (iii) research and development; and (iv) talent development and management.
The Offer was made on the basis of a firm commitment. Craft Capital Management LLC and Boustead Securities, LLC acted as underwriters (collectively, the “Underwriters”) for the offering. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as U.S. legal advisor to the Company, and Sichenzia Ross Ference Carmel LLP acted as U.S. legal advisor to the underwriters in connection with the offering.
A registration statement on Form F-1 relating to the offering has been filed with the United States Securities and Exchange Commission (the “SEC”) (registration number: 333-276180) and has been declared effective by the SEC on December 20, 2024.
The Offering was made only by means of a prospectus, forming part of the effective registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from Craft Capital Management LLC by email at info@craftcm.comby standard mail to 377 Oak St, Lower Concourse, Garden City, NY 11530, or by telephone at +1 (800) 550-8411; or Boustead Securities, LLC by email to info@boustead1828.comby standard mail to 6 Venture Ste 395, Irvine, CA 92618, or by telephone at +1 (949) 502-4408. In addition, copies of the final prospectus relating to the Offering, when available, may be obtained through 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. of the Company 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 any such state or jurisdiction.
About 3 E Network Technology Group Limited
3 E Network Technology Group Limited is a business-to-business (“B2B”) information technology (“IT”) commercial solutions provider. Through its two subsidiaries, Guangzhou Sanyi Network and Guangzhou 3E Network, the company began by offering integrated software and hardware solutions for property management and exhibition service spaces. Over time, 3 E Network has expanded its offering of software solutions to serve a variety of industries, including food establishments, real estate, exhibitions and conferences, and clean energy utilities. The Company’s activities include two main portfolios: the software development portfolio and the exhibitions and conferences portfolio. For more information, please visit the Company’s website at http://ir.3etech.cn.
Safe Harbor Statements
Certain statements contained 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 regarding future events that the Company believes may affect its financial condition, results of operations, business strategy and his financial needs. Investors can find many (but not all) of these statements using words such as “approves”, “believes”, “hopes”, “expects”, “anticipates”, “estimates”, “plans”, “has intend”, “plans”, “will”, “would”, “should”, “could”, “could” or other similar expressions in this prospectus. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in such forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to discuss other factors that may affect its future results in the company’s registration statement and other documents filed with the SEC.
For more information, please contact:
3E Network Technology Group Limited
Investor Relations Department
E-mail: ird@3ekeji.cn
