11:57 AM EDT, 04/18/2024 (MT Newswires) -- Mingteng International (MTEN) said Thursday it priced its initial public offering of 1.275 million shares at $4 per share, for expected gross proceeds of $5.1 million.

The company said it's offering 1.05 million of the shares, while a selling shareholder is offering the remaining 225,000 shares.

Underwriters have been given a 45-day option to buy up to an additional 157,500 shares.

The offering is expected to close on or about April 22.

The company's shares were falling 15% in recent Thursday trading on its debut on Nasdaq.