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The Company has granted the underwriters an option, exercisable within 45 days from the effective date of the Company’s registration statement on Form F-1 (File No. 333-261945), as amended, in connection with the Offering (the “Registration Statement”), to purchase up to an additional 309,375 Ordinary Shares at the public offering price, less underwriting discounts and commissions, to cover over-allotment, if any. The Offering is expected to close on or about March 31, 2023, subject to the satisfaction of customary closing conditions.
EF Hutton, division of Benchmark Investments, LLC is acting as sole book-running manager for the offering.
The Company intends to use the proceeds from this Offering primarily for (i) repayment for the bank loan in connection with the Expansion Plan (as defined in the Registration Statement), (ii) a portion of the remaining Yingxuan Assets (as defined in the Registration Statement) under the Expansion Plan, (iii) product research and development, and (iv) recruitment of personnel including not only experienced personnel with solid industry background for the growth of business but experienced personnel and/or advisors with expertise in U.S. GAAP and internal control and capital markets experience.
The Registration Statement has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on March 28, 2023. The Offering is being made only by means of a prospectus. Copies of the final prospectus relating to the Offering, when available, may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these 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 any such state or jurisdiction.
