Rito Group registers 1.82 million common shares for $2.73 million IPO

Deal includes secondary sale of 820,000 shares by Choi Tak Yin Addy

By Devika Patel

Knoxville, Tenn., Aug. 12 – Rito Group Corp. will sell 1 million common shares in its initial public offering with a secondary sale of 820,000 shares, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission. The company has registered up to $2.73 million of stock for the deal.

Chief executive officer Choi Tak Yin Addy will be selling shares for the company while simultaneously selling his own stock from his personal account. A conflict of interest may arise due to Choi selling his own shares while also selling company shares.

Proceeds will be used for market research, office equipment, expenses related to website development, it support, marketing efforts, recruiting personnel and hiring staff and independent consultants, training, legal expenses and offering expenses.

The emerging growth company is based in Tsuen Wan, Hong Kong. The company intends to list its common stock on the OTCBB exchange.

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