Vancouver, BC, April 21, 2025 (GLOBE NEWSWIRE) — Pinnacle Food Group Limited (“PFAI” or “the Company”), a seller of smart hydroponic growing systems and technical support services to individual households, community groups, and urban farms, today announced the pricing of its firm commitment initial public offering of 1,800,000 Class A common shares, par value of US$0.00005 per share (“Class A Common Shares”) at a public offering price of $4.00 per share. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 270,000 Class A common shares at the initial public offering price, less underwriting discounts.
The Company expects to receive aggregate gross proceeds of US$7.2 million from this offering, before deducting underwriting discounts and other related expenses. The Company intends to use the net proceeds from this offering for expanding the functionality and capabilities of its hydroponic growing systems, development and expansion of its business, and for working capital and other general corporate purposes.
The Class A common shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading under the ticker symbol “PFAI” on April 22, 2025. The offering is expected to close on April 23, 2025, subject to the satisfaction of customary closing conditions. Craft Capital Management LLC acts as the representative of the underwriters for this offering.
A registration statement on Form F-1 (File No. 333-285363) relating to these securities has been filed with the U.S. Securities and Exchange Commission and became effective on March 31, 2025. The offering is being made only by means of a prospectus forming part of the effective registration statement relating to the offering. Copies of the final prospectus related to this offering may be obtained, when available, from Craft Capital Management LLC, by standard mail to Craft Capital Management LLC, 377 Oak St, Lower Concourse, Garden City, NY 11530, by phone at +1 (516) 833-1325, or by email at [email protected] or [email protected]. In addition, a copy of the final prospectus relating to the offering, when available, may be obtained via the SEC’s website at www.sec.gov.
Before you invest, you should read the registration statement and the preliminary prospectus contained therein and the final prospectus, when available, and other documents the Company has filed or will file with the SEC for more complete information about the Company and this offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement for the offering filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
About Pinnacle Food Group Limited
Based in Vancouver, Canada, Pinnacle Food Group Limited sells smart hydroponic growing systems and technical support services to individual households, community groups, and urban farms. We offer both tailored hardware solutions and data-driven support, allowing our users to optimize their smart farming productivity. For more information, please visit the Company’s website at https://www.pinnaclefoodinc.com.
Pinnacle Food Group Limited Investor Contact:
Wencai Pan
Chief Financial Officer
Office: +1 604 727 7204
Email: [email protected]
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: [email protected]
