Fitell Corporation Announces Closing of $15,000,000 IPO (Nasdaq: FTEL)
New York, NY Aug. 10, 2023 – On August 10, 2023, Fitell Corporation (Nasdaq: FTEL) (“Fitell” or the “Company”), an online retailer of gym and fitness equipment in Australia, announced the closing of its initial public offering of 3,000,000 ordinary shares at a public offering price of $5.00 per ordinary share (the “Offering”). The gross proceeds of the Offering were $15,000,000 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 ordinary shares at the public offering price, less underwriting discount, and commissions. The shares began trading on the Nasdaq Capital Market on August 8, 2023, under the symbol “FTEL.”
The Crone Law Group, P.C. (CLG) acted as U.S. counsel to Fitell (Nasdaq: FTEL)
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.
Revere Securities LLC and R.F. Lafferty & Co., Inc. acted as the Underwriters for the Offering. Ascendant Global Advisors acted as the Company’s advisor. Winston & Strawn LLP acted as U.S. counsel to the Underwriters in connection with the Offering.
About Fitell Corporation:
Fitell Corporation, through GD Wellness Pty Ltd (“GD”), its wholly owned subsidiary, is an online retailer of gym and fitness equipment both under its proprietary brands and other brand names in Australia. The company’s mission is to build an ecosystem with a whole fitness and wellness experience powered by technology for our customers. GD has served over 100,000 customers with large portions of sales from repeat customers over the years. The Company’s brand portfolio can be categorized into three proprietary brands under its Gym Direct brand: Muscle Motion, Rapid Motion, and FleetX, in over 2,000 stock-keeping units (SKUs). For additional information, please visit the Company’s website at www.fitellcorp.com
About The Crone Law Group:
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