Mobile-health Network Solutions Announces Pricing of $9 Million Initial Public Offering

Singapore, April 09, 2024 (GLOBE NEWSWIRE) -- Mobile-health Network Solutions (“MNDR” or the “Company”), a leading telehealth solutions provider in Singapore, today announced the pricing of its firm commitment initial public offering of an aggregate 2,250,000 Class A Ordinary Shares (the “Offering”). The Offering is priced at $4.00 per share (the “Offering Price”).

The Company has granted the underwriter a 45-day option to purchase up to an additional 337,500 Class A Ordinary Shares at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering (the “Over-allotment”).

Assuming that the Over-allotment is exercised, the Company is expected to receive gross proceeds amounting to $10.35 million, before deducting underwriting discounts and commissions and estimated offering expenses.

The shares are expected to begin trading on the NASDAQ Stock Market LLC under the ticker symbol “MNDR” on April 10, 2024. The Offering is expected to close on or about April 12, 2024, subject to the satisfaction of customary closing conditions.

Network 1 Financial Securities, Inc. (“Network 1”), a full-service broker/dealer, acted as the sole book-running manager for the Offering. Sidley Austin LLP, Rajah & Tann Singapore LLP, and Harney Westwood & Riegels Singapore LLP are acting as U.S., Singapore, and Cayman legal counsel to the Company, respectively, and Loeb & Loeb LLP is acting as U.S. legal counsel to Network 1 for the Offering.

The Offering is being conducted pursuant to the Company’s registration statement on Form F-1 (File No. 333-277254), as amended, previously filed with, and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 27, 2024. The Offering is being made only by means of a prospectus, forming part of the registration statement. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. Copies of the final prospectus related to the Offering may be obtained, when available, from Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701, by phone at [phone] or by email at [e-mail]. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC’s website at www.sec.gov.