La Rosa Announces Closing of Initial Public OfferingLa Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate companies, today announced the closing of its underwritten initial public offering of 1,000,000 shares of common stock at an initial public offering price of $5.00 per share. The gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be $5,000,000. In addition, the Company has granted the underwriters a 45-day option to purchase up to 150,000 additional shares of common stock at the initial public offering price, less the underwriting discount, to cover over-allotments, if any.
The shares began trading on The Nasdaq Capital Market on October 10, 2023 under the ticker symbol "LRHC."
The Company intends to use the net proceeds of the initial public offering for general corporate purposes, which may include financing growth by acquiring more agents at a faster pace, repayment of debt, developing new services, acquisitions of controlling interest in a number of the Company’s franchisees, the acquisition of other independent real estate brokerages, title insurance agencies, mortgage brokerages and other complementary businesses, general operating expenses and the purchase and acquisition of proprietary technology.
