LAKESIDE HOLDING LIMITED ANNOUNCES CLOSING OF UPSIZED $6.75 MILLION INITIAL PUBLIC OFFERING
01 Juli 2024 - 10:15PM
Lakeside Holding Limited (“Lakeside” or the “Company”) (Nasdaq:
LSH), a U.S.-based integrated cross-border supply chain solution
provider with a strategic focus on the Asian market, today
announced the closing of its previously announced initial public
offering (the “Offering”) of 1,500,000 shares of common stock at a
public offering price of $4.50 per share for total gross proceeds
to the Company of $6.75 million, before deducting underwriting
discounts and offering expenses.
The Company has granted a 30-day option to the
underwriters to purchase up to 225,000 additional shares of common
stock solely to cover over-allotments, if any.
The shares began trading on the Nasdaq Capital
Market on June 28, 2024, under the ticker symbol “LSH.”
Net proceeds from the offering will be used for
strengthening our cross-border supply chain capabilities, marketing
activities to grow our customer base, strategic investments and
potential mergers and acquisitions in the future, and general
corporate purposes.
The Benchmark Company, LLC and Axiom Capital
Management, Inc. acted as joint book-running managers for the
Offering.
DLA Piper UK LLP served as legal counsel for
Lakeside, and Sheppard Mullin Richter & Hampton LLP served as
legal counsel for the underwriters in connection with the
Offering.
A registration statement on Form S-1, as amended
(File No. 333-278416), was filed with the United States Securities
and Exchange Commission (the “SEC”) and was declared effective on
June 27, 2024. The offering of the securities is being made only by
means of a prospectus. Electronic copies of the final prospectus
relating to the Offering may be obtained by visiting the SEC’s
website located at http://www.sec.gov or by contacting The
Benchmark Company, LLC, Attention: Prospectus Department, 150 E.
58th Street, 17th floor, New York, NY 10155, by email at
prospectus@benchmarkcompany.com, or by telephone at (212)
312-6700.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
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.
About Lakeside Holding Limited
Lakeside Holding Limited, based in Itasca, IL,
is a U.S.-based integrated cross-border supply chain solution
provider with a strategic focus on the Asian market, including
China and South Korea. Operating under the brand American Bear
Logistics, we primarily provide customized cross-border ocean
freight solutions and airfreight solutions in the U.S. that
specifically cater to our customers’ requirements and needs in
transporting goods into the U.S. We are an Asian American-owned
business rooted in the U.S. with in-depth understanding of both the
U.S. and Asian international trading and logistics service markets.
Our customers are typically Asia- and U.S.-based logistics service
companies serving large e-commerce platforms, social commerce
platforms, and manufacturers to sell and transport consumer and
industrial goods made in Asia into the U.S. For more information,
please visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking
statements that reflect our current expectations and views of
future events. Known and unknown risks, uncertainties and other
factors, including those listed under “Risk Factors,” may cause our
actual results, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. You can identify some of these forward-looking
statements by words or phrases such as “may,” “will,” “expect,”
“anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,”
“is/are likely to,” “potential,” “continue” or other similar
expressions. We have based these forward-looking statements largely
on our current expectations and projections about future events
that we believe may affect our financial condition, results of
operations, business strategy and financial needs. These
forward-looking statements involve various risks and uncertainties.
Except as required by law, we undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events. We qualify all of our forward-looking
statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRCPresidentStrategic Investor
Relations, LLC Tel: 347-947-2093Email: matthew@strategic-ir.com
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