Synergy CHC Corp. announced the completion of its initial public offering on October 24, 2024. The offering involved 1,150,000 shares of its common stock at a price of $9.00 per share, successfully bringing the company to the public market.
The net proceeds received by Synergy from the offering, after deducting underwriting discounts and estimated offering expenses, totaled approximately $8.4 million. This capital infusion is crucial for the company's financial strategy and operational flexibility.
Synergy intends to utilize these net proceeds to repay a portion of outstanding amounts under certain related party promissory notes. The remaining funds will be allocated for general corporate purposes, including working capital, to support ongoing operations and growth initiatives.
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