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Alpha Technology Group Files for IPO

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Alpha Technology Group, a Hong Kong-based IT company, has recently filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company plans to sell 1.75 million ordinary shares, with an estimated price range of $4 to $5 per share, resulting in anticipated gross proceeds of $7 million. Additionally, two existing shareholders intend to sell 2 million additional shares.

After the IPO and subsequent share resale, Alpha expects that 25% of its shares will be held by public shareholders. With a wide range of services including web development, artificial intelligence-powered optical character recognition, and technological support, the company aims to utilize 70% of the proceeds for business expansion and operational growth. The remaining portion will be allocated towards research and development, working capital, as well as other general corporate purposes.

Before the offering, Wittelsbach Group Holdings Limited holds a majority stake of 51% in outstanding shares, while Hanoverian International Group Limited owns 22%. Both of these firms are holding companies owned by Ma Xiaoqiu, who will maintain a controlling stake in Alpha post-offering.

Alpha has applied to be listed on the Nasdaq Capital Market and is seeking to trade under the ticker ATGL. The sole underwriter for the offering is Prime Number Capital.

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