CloudDepots Files for IPO of Up to 3 Million Shares

The holding company plans to list its shares on Nasdaq or the New York Stock Exchange American. At the midpoint of the proposed price range, CloudDepots expects net proceeds of about $14.6 million.

CloudDepots said it would use the funds to improve its technology, pursue acquisitions or investments, expand sales and marketing, and cover other general corporate purposes. Its subsidiary, Y&T E-commerce, provides shipping and logistics services in the United States. The company said a significant portion of its revenue comes from customers based in China.