Shares of Pinnacle Food Group Limited (PFAI) are soaring 5.00% in intraday trading on Tuesday, marking a strong debut for the company on the Nasdaq Capital Market. The surge comes after the company priced its initial public offering (IPO) at $4 per share, raising $7.2 million in gross proceeds.

Pinnacle Food Group offered 1.8 million Class A common shares in its IPO, which was priced on Monday. The company also granted underwriters a 45-day option to purchase up to an additional 270,000 shares. Trading of PFAI shares commenced on Tuesday under the ticker symbol "PFAI", with the offering expected to close on Wednesday.

The successful IPO and positive market reception could provide Pinnacle Food Group with the capital needed to fuel its growth plans. The company stated that it intends to use the net proceeds from the offering to expand the functionality and capabilities of its hydroponic growing systems, develop its business further, and for working capital and other general corporate purposes. As the stock continues to perform well on its first trading day, investors appear optimistic about the company's prospects in the evolving food technology sector.