Fitell Corporation Announces Pricing of $15 Million Initial Public Offering

Taren Point, New South Wales, Australia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Fitell Corporation (Nasdaq: FTEL) ("Fitell" or the "Company"), an online retailer of gym and fitness equipment in Australia, today announced the pricing of its initial public offering (the “Offering”) of 3,000,000 Ordinary Shares, par value US$0.0001 per share at a public offering price of US$5.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on August 8, 2023 under the ticker symbol “FTEL”.

The Company expects to receive aggregate gross proceeds of US$15.00 million before deducting underwriting discounts, commissions and other related expenses. In addition, Fitell has granted the underwriters a 45-day option to purchase up to an additional 450,000 Shares at the public offering price, less underwriting discount and commissions. The Offering is expected to close on or about August 10, 2023, subject to the satisfaction of customary closing conditions.

The Company intends to use the proceeds for the expansion of Fitell’s online retail gym and fitness equipment business; the development of the Company’s smart connected equipment, interactive platform, and mobile application; the expansion of the Company’s licensing business; potential mergers and acquisitions; and working capital and other general corporate purposes.

The Offering is being conducted on a firm commitment basis. Revere Securities LLC and R.F. Lafferty & Co., Inc. (the “Underwriters”) are acting as the Underwriters for the Offering. The Crone Law Group, P.C. is acting as U.S. counsel to the Company, and Winston & Strawn LLP is acting as U.S. counsel to the Underwriters in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-267778), as amended, and was declared effective on August 7, 2023. The Offering is being made only by means of a prospectus forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from Revere Securities LLC by email at [e-mail], by standard mail to Revere Securities LLC, 650 Fifth Avenue, 35th Floor, New York, NY 10019 USA, or by telephone at [phone]; or from R.F. Lafferty & Co., Inc. by email at [e-mail], by standard mail to R.F. Lafferty & Co., Inc., 40 Wall Street, 29th Floor, New York, NY 10005 USA, or by telephone at [phone]. 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.