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CPOP Takes Pounding Soon After IPO




Pop Culture Group Co., Ltd, (NASDAQ:CPOP), a hip-pop tradition firm in China, took a nostril dive following the pricing of its preliminary public providing on Wednesday of 6,200,000 Class A Ordinary Shares at a public providing worth of $6.00 U.S. per share.

The Company expects to obtain mixture gross proceeds of $37.2 million U.S. from the Offering, earlier than deducting underwriting reductions and different associated bills. In addition, the Company has granted the underwriters a 45-day choice to buy as much as an extra 930,000 Class A Ordinary Shares on the public providing worth, much less underwriting reductions.

Proceeds from the Offering can be used to develop and function on-line content material, develop a road dance coaching enterprise, create by-product works of hip-hop mental properties, and develop hip-hop occasions, and for working capital and different normal company functions.

The Offering was performed on a agency dedication foundation. Network 1 Financial Securities, Inc. and Valuable Capital restricted are performing because the underwriters for the Offering. Hunter Taubman Fischer & Li LLC is performing as counsel to the Company, and VCL Law LLP is performing as counsel to the underwriters in reference to the Offering.

CPOP shares plummeted $9.98, or 16.7%, Friday to $49.92.

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