Ogier's Cayman Islands team led by partner Bradley Kruger with senior associate Tommy Tuohy advised on the Cayman law elements of MDJM Ltd's initial public offering on Nasdaq.
MDJM Ltd is an emerging, integrated real estate services company in China incorporated as a Cayman Islands company.
On December 26, 2018, MDJM announced the first closing of its initial public offering of 1,241,459 ordinary shares at a price of $5.00 per share for a total of $6,207,295 in gross proceeds before expenses, underwriting discount and commission.
On January 4, 2019, the company completed the second closing of its IPO of 19,361 ordinary shares at the same price per share. The total proceeds of the IPO were $6,304,100. A total of 1,260,820 ordinary shares were sold in the offering.
Network 1 Financial Securities, Inc. acted as the sole underwriter for the offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Mei & Mark LLP acted as counsel to the underwriter.
The transaction is the latest in a growing trend of international companies accessing US capital markets through the Cayman Islands.
Partner Brad Kruger who led on the transaction said:
"Cayman is increasingly a jurisdiction of choice for non-US companies seeking access to the US capital markets. We've been working with growing numbers of international clients, including those based in Asia, who are choosing to conduct their IPO by forming a Cayman company and listing its shares on the NYSE or Nasdaq."