11:53 AM EDT, 05/10/2024 (MT Newswires) -- Mingteng International ( MTEN ) said Friday the underwriters of its initial public offering fully exercised their overallotment option to acquire 157,500 additional shares at $4 apiece, leading to $630,000 in additional gross proceeds.

The company said it sold a total of 1,207,500 shares in the IPO for about $4.8 million in gross proceeds.

Mingteng ( MTEN ), an automotive mold developer and supplier in China, will use the net proceeds for investing in new production facilities to improve production capacity and purchase high-end production equipment, among other uses.

The company's shares started trading on the Nasdaq Capital Market April 18.

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