JFB Construction (JFB) said Friday it has closed the initial public offering of 1.25 million units at $4.125 per unit for gross proceeds of about $5.2 million.
Each unit consists of one common share and one warrant to buy one common share, exercisable at $5.50 per share, the company said.
The underwriters exercised their option to buy 138,600 warrants under the overallotment option, which offers a total of 187,500 additional units, JFB said.
The company said it plans to use the net proceeds for business expansion, equipment purchases, investments, recruitment and general working capital.
JFB shares began trading on Nasdaq Thursday and were up over 3% in recent trading Friday.
Price: 3.61, Change: +0.11, Percent Change: +3.11
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