03:41 AM EDT, 06/10/2024 (MT Newswires) -- Gauzy Ltd. ( GAUZ ) said late Friday it closed its initial public offering of about 4.4 million ordinary shares priced at $17 per share, raising total gross proceeds of $75 million.

The underwriters have been granted a 30-day option to purchase up to 661,765 additional shares.

Net proceeds will be used to fund the expansion of the company's product lines, research and development, advertising and marketing, earn-out payments, working capital and other general corporate purposes.

Shares began trading on the Nasdaq Global Market on June 6.

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