Chinese medical device supplier WORK Medical prices U.S. IPO

SB/iStock via Getty Images WORK Medical Technology ( NASDAQ: WOK ), a supplier of medical devices in China, priced its U.S. initial public offering of 2M ordinary shares at $4.

00 apiece on Friday. The Hangzhou-based company focused on Class I and II medical devices plans to raise $8M in gross proceeds from its IPO, expected to launch for trading on the Nasdaq under the ticker symbol "WOK" on Aug. 23.

Additionally, underwriters will have a 45-day option to purchase up to 300K ordinary shares at the IPO price, less underwriting discounts. The public offering is expected to conclude on Aug. 26, 2024.

Proceeds from the IPO are earmarked for WORK Medical's ( WOK ) operational activities, including manufacturing upgrades and patent purchases, as well as working capital and other general corporate purposes. More on WORK Medical Technology IPO Roundup: Actuate Therapeutics, Autozi Internet, and more IPO roundup: WEBTOON Entertainment, LandBridge, and more Financial information for WORK Medical Technology Group LTD.