Rhea-AI Impact
Rhea-AI Sentiment
Rhea-AI Summary
Mobile-health Network Solutions, MNDR, closes its initial public offering, raising $9.0 million through the sale of 2,250,000 Class A Ordinary Shares at $4.00 per share. The shares started trading on NASDAQ under the symbol ‘MNDR’. Network 1 Financial Securities, Inc. served as the book-running manager for the Offering.
The initial public offering (IPO) of Mobile-health Network Solutions, which operates in the burgeoning telehealth industry, represents a significant milestone for the company. The successful closing of its IPO adds substantial capital to the company’s balance sheet, which can be allocated towards expanding its product offerings, technological infrastructure and market reach.
Considering the global telehealth market is expected to grow substantially in the coming years, the entrance of MNDR on the NASDAQ provides investors with a fresh opportunity to capitalize on this trend. However, the IPO pricing and the company’s subsequent performance will be critical in determining the long-term shareholder value. Furthermore, MNDR’s ability to leverage the IPO proceeds to scale operations and navigate regulatory environments will be key to its success.
Investors and analysts should monitor the deployment of the raised funds and any strategic moves MNDR makes post-IPO. The company’s first few quarters as a public entity will provide valuable insights into its operational efficiency and market position against competitors.
With Mobile-health Network Solutions pricing their Class A Ordinary Shares at $4.00, gathering $9.0 million in gross proceeds suggests a modest but strategic entry into the market. Considering the offering size and price, the company’s implied valuation needs to be scrutinized against its financial health, projected earnings and growth potential within the telehealth sector.
Investors should examine the use of proceeds statement in the final prospectus for details on how MNDR plans to address capital allocation. The underwriting discounts and offering expenses will also be pertinent as they impact the net proceeds available to the company.
The choice of Network 1 Financial Securities as the sole book-running manager and the involvement of multiple legal firms in different jurisdictions may also signal MNDR’s commitment to compliance and international expansion. However, the performance of the stock in the secondary market post-IPO would be influenced by investor confidence in the company’s growth trajectory and how effectively it can capitalize on industry trends.
SINGAPORE, April 12, 2024 (GLOBE NEWSWIRE) — Mobile-health Network Solutions (“MNDR” or “the Company”), a leading telehealth solutions provider in Singapore, today announced the closing of its previously announced initial public offering of an aggregate 2,250,000 Class A Ordinary Shares (“the Offering”) at a price of $4.00 per share (“the Offering Price”) to the public, for a total of US$9.0 million of gross proceeds to the Company, before deducting underwriting discounts and offering expenses.
The shares began trading on the NASDAQ Stock Market LLC on April 10, 2024, under the symbol “MNDR“.
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. 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 +1 732 758 9001 or by email at mndripo@netw1.com. 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.
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. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or 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.
About Mobile-health Network Solutions
We are a leading telehealth solutions provider in Singapore, in terms of the number of countries covered by our MaNaDr platform, including countries in the APAC region. We provide our services on our MaNaDr platform, which is accessible via our mobile application and website. We serve both the community of users, by offering personalized and reliable medical attention to users worldwide, as well as the community of healthcare providers, by allowing them to have a broader reach to users through virtual clinics without any start-up costs and the ability to connect to a global network of peer-to-peer support groups and partners. Through our mobile application, we offer users a range of seamless and hassle-free telehealth solutions, which encompasses teleconsultation services, including the issuance of electronic medical certificates and delivery of medications to users’ homes, as well as other personalized services such as weight management programs. For more information, please visit https://manadr.com/.
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. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and Mobile-health Network Solutions specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
For more information, please contact:
Mobile-health Network Solutions Investor Relations Contact:
2 Venture Drive, #07-06/07 Vision Exchange
Singapore 608526
(+65) 6222 5223
Email: investors@manadr.com
Underwriter Inquiries:
Network 1 Financial Securities, Inc.
Adam Pasholk, Managing Director – Investment Banking
2 Bridge Avenue, Suite 241
Red Bank, NJ 07701
(+1) 732 758 9001
Email: mndripo@netw1.com
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: info@skylineccg.com
The ticker symbol for Mobile-health Network Solutions is ‘MNDR’.
A total of 2,250,000 Class A Ordinary Shares were sold in the initial public offering.
The price per share in the initial public offering was $4.00.
The Company raised a total of US$9.0 million in gross proceeds from the initial public offering.
Network 1 Financial Securities, Inc. acted as the sole book-running manager for the Offering.
