GigaCloud Technology Inc (GCT)

[tw0122]

The GCT IPO made its Nasdaq debut on August 18, 2022 with 2.5 million shares at $12.25 per share. Any Chinese company you are really a vie holder not a shareholder but who cares we are just here for the ride.

https://sec.report/CIK/0001857816


Transaction Details Issuer GigaCloud Technology Inc Offering Type Initial Public Offering of Class A Ordinary Shares Price Range $10.25 - $12.25 Shares Offered 2,450,000 Class A ordinary share (or 2,817,500 Class A ordinary share if the underwriter exercises the over-allotment option to purchase additional Class A ordinary share in full) Gross Proceeds $27,562,500 (assuming pricing at the midpoint of $11.25 per share and no exercise of the over-allotment option) Listing/Symbol NASDAQ: GCT Pre-IPO Shares Outstanding 27,976,814 Class A ordinary shares and 9,326,732 Class B ordinary shares Use of Proceeds Working capital, operating expenses, capital expenditures and other general corporate purposes including funding potential strategic acquisitions, investments and alliances, although there are not any discussions or negotiations with respect to any such transaction Underwriter Aegis Capital Corp.



For additional information on underwriting compensation, see “Underwriting.”
We have granted the underwriter a 45-day option to purchase up to an aggregate of 441,000 additional Class A ordinary shares, representing 15% of the Class A ordinary shares sold in the offering, from GigaCloud Technology Inc solely to cover over-allotments, if any, at the initial public offering price less the underwriting discounts and commissions.
Immediately prior to the completion of this offering, our outstanding share capital will consist of Class A ordinary shares and Class B ordinary shares. Mr. Larry Lei Wu, our chairman of board of directors and chief executive officer, will beneficially own all of our issued Class B ordinary shares and will be able to exercise approximately 75.1% of the total voting power of our issued and outstanding share capital immediately following the completion of this offering. Holders of Class A ordinary shares and Class B ordinary shares will have the same rights except for voting and conversion rights. Each Class A ordinary share will be entitled to one vote, and each Class B ordinary share will be entitled to ten votes. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Each Class B ordinary share will be convertible into Class A ordinary share. Class A ordinary shares will not be convertible into Class B ordinary shares under any circumstances.
Certain entities affiliated with DCM, one of our principal shareholders, have agreed to purchase, and have been allocated by the underwriter, an aggregate of 816,300 Class A ordinary shares in this offering at the initial public offering price, representing approximately 27.8% of the Class A ordinary shares being offered in this offering, assuming the underwriter does not exercise their over-allotment option. The underwriter will receive the same underwriting discounts and commissions on any shares purchased by these parties as the underwriter will on any other shares sold to the public in this offering. See “Underwriting.” Upon the completion of this offering, we will be a “controlled company” as defined under the Nasdaq Stock Market Listing Rules because Mr. Larry Lei Wu, our chairman of board of directors and chief executive officer, will hold more than 50% of our voting power for the election of directors through TALENT BOOM GROUP LIMITED and Ji Xiang Hu Tong Holdings Limited, the entities controlled by Mr. Wu. In addition, our directors, officers and certain affiliated shareholders will own a substantial majority of our shares and will be able to exercise a substantial majority of the total voting power of our total issued and outstanding ordinary shares immediately upon the completion of this offering, assuming the underwriter does not exercise the option to purchase additional Class A ordinary shares. See “Principal Shareholders” for details.
The underwriter expects to deliver the Class A ordinary shares against payment in U.S. dollars in New York, New York on or about August 22, 2022
Sole Book-Running Manager


Aegis Capital Corp.


PROSPECTUS DATED AUGUST 17, 2022