EPWK Holdings Ltd, a creative crowdsourcing firm based in Xiamen, has officially been listed on the Nasdaq Stock Exchange in the United States under the stock code EPWK.
The company offered 2.75 million shares in its Initial Public Offering (IPO) for $4 to $6 per share, aiming to raise $16.5 million. The final IPO price for EPWK is $4.1 per share, and the stock closed the first day of trading with a 0.24 percent increase, reaching $4.11 per share, with a market capitalization of $90.04 million.
It is worth mentioning that EPWK's listing on the Nasdaq Global Market segment in the USA marks the birth of the first Chinese creative crowdsourcing company to go public in the USA. It is also one of the first batches of Chinese concept stocks approved under the new regulatory framework using the Variable Interest Entity (VIE) structure.
The funds raised from this IPO listing will primarily be used by EPWK for business development and marketing, research and development, exploration of new products and services, establishment of an online global design center, general corporate purposes, and operational capital.
EPWK primarily operates through its crowdsourcing platform, EPWKVIE. This crowdsourcing platform is one of only two comprehensive crowdsourcing platforms in China and was launched in 2011. It has built a comprehensive crowdsourcing platform covering seven major areas including design, software development, marketing, and business services.
A poster celebrating EPWK's Nasdaq listing. [Photo/EPWK]