05:21 PM EDT, 08/29/2024 (MT Newswires) -- Autozi Internet Technology ( AZI ) said Thursday it closed a $10 million initial public offering of shares.

The offering covered the sale of 2.5 million class A ordinary shares at $4 a piece, according to the company.

Autozi expects to use the proceeds for supply chain management capabilities, expansion of the size and coverage of MBS stores network, investment in technology innovations and general corporate purposes.

The company said it granted a 45-day option for underwriters to purchase up to an additional 375,000 shares.

Shares of the company were down over 3% in recent after-hours activity.

Price: 2.8016, Change: -0.10, Percent Change: -3.39