Fenbo (NASDAQ: FEBO), an established provider of personal care electric appliances and toy products to overseas markets, recently announced the closing of its initial public offering of 1,000,000 ordinary shares, each at a public offering price of $5.00, for total gross proceeds of $5,000,000. The offering closed on Dec. 1, 2023, and the ordinary shares began trading on Nasdaq Capital Market on Nov. 30, 2023, under the ticker symbol FEBO. In addition, the company granted the underwriters an option, within 45 days from the date of the prospectus, to purchase up to an additional 150,000 ordinary shares at the public offering price, less underwriting discounts, to cover the over-allotment option, if any. EF Hutton, division of Benchmark Investments LLC, acted as sole book-running manager for the offering. Schlueter & Associates, P.C. acted as U.S. counsel to the company, and Sichenzia Ross Ference Carmel LLP acted as U.S. counsel to EF Hutton. Fenbo intends to use the proceeds from the offering to expand production capacity and capability, strengthen engineering, research and development capability, penetrate and further expand into new and existing geographical markets, and for general working capital and an advisory fee.
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About Fenbo Holdings Limited
Headquartered Hong Kong and through its operating subsidiaries in Hong Kong and Guangdong Province, Fenbo represents over 30 years of experience producing personal care electric appliances (principally electrical hair styling products) and toy products to overseas markets. The company, since 2006 also has been served as an OEM and ODM for Spectrum Brands, a global home essential company, and its sole customer, producing electrical hair styling products, under the “Remington” brand, which Spectrum Brands has the right of use, and which are currently sold to Europe, United States and Latin America. For more information, visit www.Fenbo.com.
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