03:20 PM EST, 01/23/2025 (MT Newswires) -- Toppoint Holdings ( TOPP ) said Thursday it closed an initial public offering of 2.5 million common shares at $4 apiece for gross proceeds of $10 million.

The company's stock started trading on the NYSE American on Jan. 22.

Underwriters have been granted a 45-day option to purchase up to 375,000 additional units, the company said.

Toppoint ( TOPP ) plans to use the net proceeds for geographic expansions, infrastructure improvement, sales and marketing team expansion, along with working capital and general corporate purposes.

Its shares were down nearly 6% in recent trading.

Price: 3.54, Change: -0.21, Percent Change: -5.60