09:04 AM EST, 01/16/2025 (MT Newswires) -- PicoCELA said Thursday it priced an initial public offering of about 1.8 million American depositary shares at $4 per ADS for estimated gross proceeds of $7 million.

Each ADS represents one common share, the Tokyo-based enterprise wireless solutions provider said.

Underwriters have been granted a 45-day option to purchase up to 262,500 additional ADSs.

The ADSs are expected to begin trading this Thursday on the Nasdaq Capital Market under the ticker symbol, "PCLA."

Net proceeds from the offering, which is expected to close Friday, will be used for working capital for inventory productions, product and service improvement, and research and development for new products and services.