10:21 AM EDT, 09/05/2024 (MT Newswires) -- Pheton ( PTHL ) said Thursday it has priced its initial public offering of 2.25 million class A ordinary shares at $4 each for $9 million in gross proceeds.

Underwriters, including Cathay Securities, have a 45-day option to acquire up to 337,500 additional shares.

The shares are expected to start trading on the Nasdaq Capital Market under the ticker symbol PTHL Thursday, while the offering is expected to close Friday.

Pheton ( PTHL ), through its Beijing Feitian Zhaoye Technology unit, provides healthcare solutions for brachytherapy, a targeted radiation therapy used in cancer treatment.