JBDI HOLDINGS LIMITED ANNOUNCES CLOSING OF $11.25 MILLION INITIAL PUBLIC OFFERING

SINGAPORE, Aug. 28, 2024 (GLOBE NEWSWIRE) — JBDI Holdings Limited (“JBDI” or the “Company”) (Nasdaq: JBDI), a leading provider of environmentally friendly and efficient drum and container reconditioning and recycling services in Singapore and Southeast Asia, today announced the closing of its previously announced initial public offering (the “Offering”) of an aggregate of 2,250,000 ordinary shares at an initial public offering price of $5.00 per share for aggregate gross proceeds of $11.25 million, before deducting offering discounts and issuance expenses. Of the 2,250,000 ordinary shares, the Company offered 1,750,000 ordinary shares and the selling shareholders offered 500,000 ordinary shares. The Company will not receive any proceeds from the sale of shares by the selling shareholders.

The shares began trading on the Nasdaq Capital Market on August 27, 2024 under the ticker symbol “JBDI.”