Eastern International completes $6.4 million IPO on Nasdaq

Eastern International Ltd. (NASDAQ: ELOG) completed its initial public offering of 1.6 million ordinary shares at $4.00 per share, raising $6.4 million in gross proceeds before underwriting discounts and expenses, according to a company statement.

The China-based logistics services provider began trading on the Nasdaq Capital Market on August 28. The company granted underwriter Maxim Group LLC a 45-day option to purchase up to 240,000 additional shares at the offering price, representing 15% of the shares sold in the offering.

Eastern International provides domestic and cross-border logistics services including project logistics and general logistics through its wholly owned subsidiary Suzhou TC-Link Logistics Co., Ltd. The subsidiary was established in 2006 in Jiangsu Province, China.

Maxim Group LLC served as sole book-running manager for the offering. FisherBroyles, LLP acted as counsel to Eastern International, while Hunter Taubman Fischer & Li LLC represented Maxim.

The offering was conducted under the company's Registration Statement on Form F-1, which the Securities and Exchange Commission declared effective on August 27.

Eastern International is incorporated in the Cayman Islands as a holding company. Its subsidiary Suzhou TC-Link operates 4 wholly owned subsidiaries, 5 warehouses and logistics centers, and 3 branch offices in China. The company's network covers mainland China, Hong Kong, Southeast Asia and Central Asia.

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