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UP Fintech Proposes Public Offering of American Depositary Shares

UP Fintech Proposes Public Offering of American Depositary Shares

UP Fintech Holding Limited (NASDAQ: TIGR), a leading Asian online brokerage firm, announced on Monday its intentions to offer and sell 6,500,000 American Depositary Shares (ADSs) – each one representing 15 Class A ordinary shares of the company in an underwritten public offering. According to a press release, the underwriters will have a 30-day option to purchase up to an additional 975,000 ADSs from UP Fintech.

With the ADS offering, the Asian brokerage company seeks to expand its customer base and bolster customer engagement across its multiple services, the announcement says. Moreover, UP Fintech wants to allocate more investment funds in developing products, services, and technology resources to improve its operating efficiency and processes.

“Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Tiger Brokers (NZ) Limited will act as the joint bookrunners for the proposed ADS offering. The proposed ADS offering will be made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the ‘SEC’) and is available on the SEC’s website at www.sec.gov, which automatically became effective upon filing,” UP Fintech clarified on its statement.

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Also, the brokerage firm added – following SEC guidelines – that the announcement doesn’t constitute an offer to sell or a solicitation of an offer to buy the securities described above.

Recent Financial Results

Based in Beijing, China, UP Fintech recently published its unaudited first quarter 2021 financial results. According to the report, total revenues were $81.3 million, a 255.5% increase from the Q1 of 2020, and were boosted by solid gains in commissions, interest income, and revenues derived from its corporate business.

“The growth in our corporate businesses accelerated in the first quarter. Market adoption of our ESOP service has been phenomenal; we added 41 clients in the first quarter and now serve 165 in total. On the investment banking side, in the first quarter, we participated in 14 IPOs, of which we underwrote eight,” the company said in a statement at that time.

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Finalto Picks Jeremy Schlachter and Ron Hoffman to Lead Directive Roles

Finalto Picks Jeremy Schlachter and Ron Hoffman to Lead Directive Roles

Finalto Trading Limited has appointed two new executives to take the roles of Director and Finance Director. According to documents filed before the UK Companies House, Jeremy Samuel Schlachter has been selected as a Finance Director of the financial services division of Playtech (LSE: PTEC). At the same time, Ron Hoffman was chosen as the Director of the firm.

Schlachter, born in Israel, has been working for Playtech since 2008, where he joined the team as Assistant Controller. Afterward, the new Finalto’s finance director was promoted to Controller and then took the lead of the finance department as Head of Finance in 2013, according to his LinkedIn profile. Before this appointment, Schlachter was serving as Vice President of Finance at Playtech.

Among his professional background before joining Playtech includes having worked as CPA for BDO Israel for two years since 2006, and as Sales and Customer Relation Representative for DavidShield between 2004 and 2006. He earned a degree in Accounting and Economics from the Ruppin Academic Center.

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On the other hand, Hoffman, also from Israel, has been serving as CEO of TradeTech Group since 2015. During his tenure at Playtech, he joined the team in 2010, where he worked as CFO of Sciplay, and then developed his career as VP of Finance and Chief Finance Officer until 2016, according to his LinkedIn profile. In terms of his educational background, the new Finalto’s Director earned an MBA in Finance and Accounting from the Tel Aviv University.

Recent Executive Moves from Finalto

As of press time, there is no official announcement from Finalto Trading Limited about the new appointments. In March, Finance Magnates reported that the firm picked Angelo Martino as its new Vice President of Institutional Sales. Prior to the appointment, Martino supported GMO-Z.com Trade UK Limited as its Head Of Sales. Also, before working at GMO-Z.com, he worked for BMCE BANK International Plc as Vice President of Sales & Trading.

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