04:35 AM EST, 12/10/2024 (MT Newswires) -- Jinxin Technology Holding ( NAMI ) said late Monday it closed its Nasdaq initial public offering of American depositary shares, raising gross proceeds of $5 million.

The digital content service provider sold about 1.3 million ADSs in the offering, with each ADS representing 18 ordinary shares, at a price of $4 per ADS.

The underwriters have been granted a 60-day option to purchase up to 187,500 additional ADSs.

The company plans to use the net proceeds for product and content development, sales and marking, recruitment, and other general corporate purposes.