Starbox Group Holdings (STBX) Prices 5M Share IPO at $4/sh

Starbox Group Holdings Ltd. (NASDAQ: SBTX), a service provider of cash rebates, digital advertising, and payment solutions, today announced the pricing of its initial public offering (the “Offering”) of 5,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on August 23, 2022 under the ticker symbol “STBX.”

The Company expects to receive aggregate gross proceeds of US$20 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 750,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about August 25, 2022, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used for expanding the Company’s business into other countries in Southeast Asia, upgrading the Company’s software and systems and promoting the Company’s brands in Malaysia.

The Offering is being conducted on a firm commitment basis. Network 1 Financial Securities, Inc. is acting as the underwriter and book-running manager for the Offering. Hunter Taubman Fischer & Li LLC is acting as the U.S. counsel to the Company, and Loeb & Loeb LLP is acting as the U.S. counsel to Network 1 Financial Securities, Inc. in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-265635) and was declared effective by the SEC on August 19, 2022. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, NJ 07701, Attention: Karen (Huiyun) Mu by email at [email protected], or Adam Pasholk by email at [email protected], or by calling +1 (800)-886-7007. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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