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The Company expects to receive aggregate gross proceeds of US$13,560,000 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 508,500 Class A ordinary shares at the public offering price after the closing of this Offering, less underwriting discounts. The Offering is expected to close on or about April 3, 2023, subject to the satisfaction of customary closing conditions.
Proceeds from the Offering will be used to open new stores in the United States.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) is acting as the sole book-running manager for the Offering. Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the Company, and Ortoli Rosenstadt LLP is acting as U.S. counsel to EF Hutton 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: 333-254909) and was declared effective by the SEC on March 29, 2023. 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, when available, from EF Hutton at 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@efhuttongroup.com, or telephone at (212) 404-7002. 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.
