Reported Earlier, iOThree Limited Prices $6.6M Initial Public Offering Of 2.1M Ordinary Shares At $4 Each

The Company expects to receive net proceeds from the Offering of approximately US$4.6 million, or approximately US$5.5 million if the Over-Allotment Option is exercised in full, after deducting underwriting discounts and the estimated offering expenses payable by the Company. The Company intends to use the net proceeds for: (i) solution development to expand and enhance its current solution offerings for JARVISS; (ii) obtaining class approval from major maritime organization for its range of digital applications; (iii) marketing and branding, including expanding commercial sales team with dedicated marketing staff, and investing in marketing and promotional activities to further expand its customer base and strengthen its brand; and (iv) working capital and general corporate purposes.