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Jeffrey Huang, the veteran rapper who pioneered Taiwan’s hip-hop scene, publicly lashed out at two investment banks after his tech startup shelved its U.S. initial public offering. M17 Entertainment Ltd., the live-streaming platform that Huang co-founded, said in a statement dated Wednesday it’s deferring its listing due to unspecified “settlement issues” with some investors. In a post on his verified Facebook page, Huang used a four-letter expletive to express his displeasure with Citigroup Inc. and Deutsche Bank AG, the lead underwriters of the sale.
M17 Entertainment Limited (“M17 Entertainment” or the “Company”) (YQ), operator of the largest live streaming platform for Developed Asia, which includes the markets of Taiwan, Japan, South Korea, Singapore and Hong Kong, today announced the pricing of its initial public offering of 7,511,000 American depositary shares (“ADSs”) at a price of US$8.00 per ADS for a total offering size of approximately US$60.1 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 1,126,650 ADSs from the Company at the initial public offering price less underwriting discounts and commissions.