Company: NTCL
Filing Date: 2025-02-18
Form Type: 20-F
Source: 0001410578-25-000153
Chunk: 173

Company: NetClass Technology Inc
Filing Date: 2025-02-18
Form: 20-F
Item: Item 14
Chunk 173
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ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
14.A - D. Material Modifications to the Rights of Security Holders
There have been no material modifications to the rights of our shareholders.
14.E. Use of Proceeds
Initial Public Offering
The following “Use of Proceeds” information relates to the registration statement on Form F-1, as amended (File Number: 333- 278224), or the IPO Form F-1, in relation to our initial public offering of 2,070,000 Class A ordinary shares at an offering price of US$5.00 per share, including the full exercise of the underwriters’ over-allotment. Our initial public offering closed on December 16, 2024 and the exercise of the over-allotment option closed on January 3, 2025. Newbridge Securities Corporation was the representatives of the underwriters for our initial public offering.
The total expenses incurred for our company’s account in connection with our initial public offering were $2,497,187, including underwriting discounts of $776,250, underwriters’ non-accountable expense of $103,500, underwriters’ accountable expenses of $250,000, underwriters’ advisory fee of $200,000 and other expenses of $1,167,437. None of the fees and expenses were directly or indirectly paid to the directors, officers of our company or their associates, persons owning 10% or more of our Class A ordinary shares, or our affiliates.
After deducting the total expenses, we received net proceeds of approximately $7.9 million from our initial public offering. As of the date of this annual report, we have utilized such amount. We have used approximately $$2.65 million for courseware and online technology platform development, approximately $1.00 million in marketing and NetClass brand building, approximately $2.00 million for expansion of application development service and subscription services and approximately $1.00 million for working capital and for other general corporate purposes.
None of the net proceeds from our initial public offering were directly or indirectly paid to the directors, officers of our company or their associates, persons owning 10% or more of our Class A ordinary shares, or our affiliates.