By Kathryn Hardison
Global Mofy Metaverse Ltd. on Wednesday filed for an initial public offering of 6 million shares.
The digital asset platform plans to offer shares between $4.50 to $5.50 a share, according to its filing with the Securities and Exchange Commission.
Global Mofy is a holding company that conducts business through Global Mofy China and its subsidiaries. Its technology facilitates virtual content production, digital marketing and digital assets development for the metaverse industry.
The company plans to list its shares on the Nasdaq Capital Market under the ticker GMM.
Net proceeds are expected to be about $27 million, based on an offering price of $5 a share, according to the SEC filing. If underwriters exercise their over-allotment option in full, net proceeds will be roughly $31.2 million, the company said.
The proceeds will be used as working capital and to fund continued research and development, marketing, new talent, and potential acquisitions and business expansion.
For the six months ended March 31, the company’s revenue was $11.2 million, up from $3.9 million in the prior-year period. Net income attributable to the company was $401,307, compared with a loss of $159,394 the year prior.
Maxim Group LLC is the underwriter for the offering.
Write to Kathryn Hardison at [email protected]