3 E Network Technology prices 1.25M shares at $4.00 in initial public offering

3 E Network Technology (MASK) Group announced the pricing of its initial public offering of 1,250,000 Class A ordinary shares at a public offering price of $4.00 per share. The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on January 8, 2025 under the ticker symbol “MASK.” The Company expects to raise aggregate gross proceeds of approximately $5M from the Offering, assuming no exercise of the underwriters’ option to purchase additional shares and before deducting underwriting commissions and discounts and other related expenses. 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 Class A ordinary shares at the public offering price, less underwriting commissions and discounts. The Offering is expected to close on or about January 10, 2025, subject to the satisfaction of customary closing conditions. Proceeds from the Offering will be used for expansion of current businesses; general working capital; research and development; and talent development and management. The Offering is being conducted on a firm commitment basis. Craft Capital Management and Boustead Securities are acting as the underwriters.