Rubber Leaf, a Chinese supplier of automotive rubber and plastic sealing strips, announced terms for its Nasdaq uplisting on Friday. The company is currently listed on the OTC under the symbol "RLEA."
The Ningbo, China-based company plans to raise $8 million by offering 1.6 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Rubber Leaf would command a market value of $214 million.
Operating primarily through its subsidiary Rubber Leaf Sealing Products, the company specializes in the production and sale of automotive rubber and plastic sealing strips. Rubber Leaf acts as a supplier to several major auto original equipment manufacturers, including eGT New Energy Automotive and Volkswagen.
Rubber Leaf was founded in 2011 and booked $10 million in revenue for the fiscal year ended December 31, 2023. It plans to list on the Nasdaq under the symbol RLEA. Prime Number Capital is the sole bookrunner on the deal.
