Full Press Release Details
Pheton Holdings Ltd Announces Pricing of Initial
BEIJING, China, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Pheton Holdings
Ltd (the "Company" or "Pheton"), a healthcare solution provider specializing in treatment planning systems for
brachytherapy and other related products and services, today announced the pricing of its initial public offering (the "Offering")
of 2,250,000 Class A ordinary shares at a public offering price of $4.00 per Class A ordinary share, for total gross proceeds of $9 million,
before deducting underwriting discounts and other related expenses. In addition, Pheton has granted the underwriters a 45-day option to
purchase up to an additional 337,500 Class A ordinary shares at the public offering price, less underwriting discounts. The shares are
expected to begin trading on the Nasdaq Capital Market on September 5, 2024, under the ticker symbol "PTHL." The offering
is expected to close on September 6, 2024, subject to satisfaction of customary closing conditions.
The Offering is being conducted on a firm commitment basis. CATHAY
SECURITIES, INC. is acting as the representative of the underwriters to the Offering, and Dominari Securities LLC is a co-underwriter.
Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel to the Company, and The Crone Law Group P.C. is acting as U.S.
counsel to the underwriters.
A registration statement on Form F-1 relating to the Offering, as amended,
was filed with the U.S. Securities and Exchange Commission (the "SEC") (File Number: 333-274944) and was declared effective
by the SEC on September 4, 2024. The Offering is being made only by means of a prospectus and a free writing prospectus. Before you invest,
you should read the prospectus, the free writing 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 relating to the Offering, when available, may be obtained
from CATHAY SECURITIES, INC. by email at mark.zagotti@cathaysecurities.com, by standard mail to CATHAY SECURITIES, INC., 40 Wall Street,
Suite 3600, New York, NY10005, or by telephone at +1 (631) 897-2208. In addition, copies of the prospectus and the free writing 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 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 shall not
constitute an offer to sell or the solicitation of an offer to buy these securities, 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.
About Pheton Holdings Ltd
Founded in 1998, Pheton Holdings Ltd, through its wholly owned operating
subsidiary, Beijing Feitian Zhaoye Technology Co., Ltd., focuses on healthcare solutions for brachytherapy, a targeted radiation therapy
used in cancer treatment. Its lead product, Beijing Feitian's Treatment Planning System, helps ensure safe and effective brachytherapy
using radioactive sources inside the patient to kill cancer cells and shrink tumors. Pheton is committed to leveraging its products and
services to establish a potential new standard of care across multiple malignant tumor applications. For more information, please visit:
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements,
including, but not limited to, statements regarding the Company's proposed Offering. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the
Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation
that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as
"approximates," "believes," "hopes," "expects," "anticipates," "estimates,"
"projects," "intends," "plans," "will," "would," "should," "could,"
"may" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
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 U.S. Securities and Exchange Commission.
For investor and media inquiries, please contact:
Email: ir@ftzy.com.cn
Tel: +1 (646) 717-4593
Email: jlin@lambert.com