The company issued 4.35 million American Depository Shares (ADS) and raised $52.2 million. Every ADS of CooTek was priced at $12. The share price of CooTek was traded lower than its opening price of $11.5 in the first four trading hours of the first trading session.
The funds secured through this initial public offering are planned to be utilized by the company in the marketing of the products. CooTek generally earns its revenue from the advertisement with its software product TouchPal Keyboard and other APPs on fitness and healthcare.
The main motive of the company behind its entry on the NYSE is to improve the impacts of company image and attract more talents. Michael Wang, chief executive officer with CooTek said that the company would consider opening new offices in the United States, Europe or Asia where targeted talents are situated.