WallachBeth Capital Announces Pricing of QMMM Holdings LTD Initial Public Offering
Jersey Desk/10270694

JERSEY CITY, N.J., July 19, 2024 ~ WallachBeth Capital LLC, a prominent provider of capital markets and institutional execution services, has announced the successful pricing of QMMM Holdings Limited's initial public offering (IPO). The Hong Kong-based company, which specializes in digital media advertising, virtual avatar technology, and virtual apparel services, will be offering 2,150,000 ordinary shares at a price of $4.00 per share.

The aggregate gross proceeds from the IPO are expected to be $8.6 million, before deducting underwriting discounts and other related expenses. The offering has been approved for listing on The Nasdaq Capital Market and is set to commence trading on July 19, 2024 under the ticker symbol "QMMM."

In addition to the initial offering, QMMM has granted the underwriter a 45-day option to purchase up to an additional 322,500 ordinary shares at the public offering price, less underwriting discounts and commissions. The IPO is being conducted on a firm commitment basis with WallachBeth Capital LLC acting as the sole underwriter.

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FisherBroyles LLP is serving as U.S. securities counsel to QMMM Holdings Limited while Sichenzia Ross Ference Carmel LLP is acting as U.S. counsel to WallachBeth Capital LLC in connection with the Offering.

The Offering is being made in accordance with a registration statement on Form F-1 that was filed with the U.S. Securities and Exchange Commission (SEC) (File Number: 333-274887) and declared effective by the SEC on July 1, 2024. Interested investors can obtain copies of the prospectus relating to the Offering from WallachBeth Capital LLC or through the SEC's website.

Before making any investment decisions, potential investors are advised to carefully read through all relevant documents filed by QMMM Holdings Limited with the SEC for more information about the company and its IPO. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the company's securities.

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WallachBeth Capital LLC is a well-respected firm that offers a wide range of capital markets and investment banking services to the healthcare community. With a strong track record in initial public offerings, follow-on issues, PIPE offerings, and private transactions, the firm has established itself as a trusted partner for both issuers and investors.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein. Any sale of these securities would be subject to registration or qualification under the securities laws of the relevant state or jurisdiction.

In accordance with safe harbor provisions, this press release contains forward-looking statements that involve risks and uncertainties. These statements are based on current expectations and beliefs and are subject to various factors that could cause actual results to differ materially from those expressed or implied in these statements. QMMM Holdings Limited disclaims any obligation to update these forward-looking statements.

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