Smart Logistics Global (SLGB) said Thursday it closed its initial public offering of 1 million ordinary shares priced at $5 each, raising $5 million in gross proceeds.

The company began trading on the Nasdaq Capital Market under the SLGB ticker on Wednesday, it said.

Smart Logistics said it granted underwriters a 45-day option to buy up to 150,000 additional shares at the offering price to cover over-allotments.

Smart Logistics plans to allocate 50% of the proceeds to infrastructure, 30% to working capital, and 20% to research and development, the company said.

Shares of the company were down nearly 35% in recent trading.

Price: 3.44, Change: -1.84, Percent Change: -34.85