Sentage Holdings Inc. (the “Company”), a financial service provider that offers a comprehensive range of financial services across consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China, today announced the pricing of its initial public offering (“Offering”) of 4,000,000 ordinary shares at a public offering price of US$5.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on July 9, 2021 under the ticker symbol “SNTG”.
The Company expects to receive aggregate gross proceeds of US$20.0 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 600,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about July 13, 2021, subject to the satisfaction of customary closing conditions.
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Proceeds from the Offering will be used for acquisitions of business entities and operations that are similar to the Company’s, general business operations, business fund for loan recommendation business, business fund for prepaid payment network services, and business fund for consumer loan repayment and collection management services.
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The Offering is being conducted on a firm commitment basis. Network 1 Financial Securities, Inc. is acting as the representative of the underwriters for the Offering. Hunter Taubman Fischer & Li LLC is acting as counsel to the Company, and Loeb & Loeb LLP is acting as counsel to Network 1 Financial Securities, Inc. in connection with the Offering.
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