NoonTalk Media SEJ is left with approximately $1.78 million of its initial public offering (IPO) proceeds after utilising some $319,000 of its IPO proceeds for expenses from Aug 22 to Nov 6.
Since making its trading debut on Nov 22 last year, the talent management company has used the net proceeds from its IPO to extend its regional footprint and leadership in existing business verticals, particularly in film and drama production, investments in multimedia technology and incurred working capital and general corporate expenses.
In April, NoonTalk partnered with production house Oak 3 Films to finance an upcoming film. The first tranche of its final payment of $179,000 was made to Oak 3 to be used in the production of the film.
An additional $140,000 was incurred during a statutory audit.
NoonTalk says the utilisation of its net proceeds are in accordance with the intended use of proceeds from the IPO, and that it will continue to make periodic announcements on the utilisation of the balance of the net proceeds from the IPO.
Shares in NoonTalk closed flat at 9.9 cents on Nov 6.
