Sentage Holdings Inc. (SNTG) experienced an incline of 13.9% in the aftermarket. However, the last trading session closed at $2.59 with an increase of 18.81%.
Closing of Initial Public Offering
SNTG announced the completion of its 4,000,000 ordinary share initial public offering on 13th July 2021. Before eliminating underwriting discounts and other associated expenses, the Company received gross proceeds of US$20 million from the Offering. In addition, the Company has offered the underwriters a 45-day option to acquire up to 600,000 further common stock. The cmany will use the proceeds from the Offering to support the Company’s loan advisory company, prepaid payment networking services company, and customer credit repayment and record management services business, as well as general business operations.
Pricing of Initial Public Offering
SNTG announced the pricing of its 4,000,000 ordinary shares initial public offering on 9th July 2021. The Nasdaq Capital Market has authorised the ordinary shares for listing, and they will begin trading on July 9, 2021.
Before deducting underwriting discounts and other relevant expenses, the Company intends to receive gross proceeds of US$20.0 million from the Offering. Furthermore, the Company has granted the underwriters a 45-day option to acquire up to 600,000 additional ordinary shares at the public offering price.
The proceeds from the Offering will be used to acquire similar businesses and operations to the Company. It will also cover a business fund for loan recommendation, a business fund for prepaid payment network services, and a business fund for consumer loan repayment and collection management services.
SNTG is a fast-growing financial services company in China that specializes in consumer loan repayment and collection of resources, loan advice, and prepaid payment network services. The company is devoted to working with the customers in order to understand their economic needs. This will assist in accomplishing unique objectives, leveraging a thorough knowledge of our client base, strategic partner partnerships, and valuation models and technologies.
SNTG’s innovative strategy allows to provide the customers with a cost-effective and reliable consumer debt recovery solution. The company has developed and executed a systematic payback and collection management approach. In June of 2021, SNTG began offering loan recommendations. The company carefully examines the applications and supporting documents submitted by individual. After thorough assessment, SNTG personally considers qualified funding partners, who in turn provide funds directly to the borrowers.