: Armstrong Logistics files to go public, with a valuation of up to $252 million

Armlogi Holding Corp., also known as Armstrong Logistic, has filed for an initial public offering to to raise up to $12 million. The California-based warehousing and logistics service provider said it is offering 2.0 million shares in the IPO, which is expected to price at $5 to $6 a share. That would value the company at up to $252 million. The stock is expected to list on the Nasdaq exchange under the ticker symbol “BTOC,” with Prime Number Capital LLC the underwriter. The company recorded net income of $9 million on revenue of $87 million for the nine months ended March 31, after a net loss of $43,000 on revenue of $30.5 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF IPO has slipped 0.8% over the past three months, while the S&P 500 SPX has eased 0.7%.

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