YanGuFang International Group Co., Ltd. Announces Pricing of Initial Public Offering
28 März 2023 - 3:48AM
YanGuFang International Group Co., Ltd. (the “Company”), a healthy
food company primarily engaging in the production, research and
development, and sales of oat and grain products, today announced
the pricing of its initial public offering (the "Offering") of
2,000,000 ordinary shares at a public offering price of US$4.00 per
share. The ordinary shares have been approved for listing on The
Nasdaq Capital Market and are expected to commence trading on March
28, 2023 under the ticker symbol “YGF.”
The Company expects to receive aggregate gross
proceeds of US$8.0 million from this 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 300,000 ordinary shares at the public offering
price, less the underwriting discounts. The Offering is expected to
close on March 30, 2023, subject to satisfaction of customary
closing conditions.
Proceeds from the Offering will be used for (i)
the construction of additional production facilities, purchase of
new equipment and upgrades of existing equipment; (ii) the research
and development (“R&D”) of new products and technologies,
upgrades of existing products and technologies, new hires of
R&D staff; (iii) global business expansion, primarily to North
America, South East Asia and Japan; (iv) marketing and brands
promotion; and (v) working capital and other general corporate
purposes.
EF Hutton, division of Benchmark Investments,
LLC (“EF Hutton”), is acting as sole book-running manager for the
Offering. Ellenoff Grossman & Schole LLP is acting as counsel
to the Company, and Hunter Taubman Fischer & Li LLC is acting
as counsel to EF Hutton in connection with the Offering.
A registration statement on Form F-1 relating to
the Offering, as amended, was filed with the Securities and
Exchange Commission (the “SEC”) (File Number: 333-266607) and was
declared effective by the SEC on March 27, 2023. The Offering is
being made only by means of a prospectus, forming a part of the
registration statement. 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.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the Offering. This press release shall not constitute an offer to
sell, or the solicitation of an offer to buy any of the Company’s
securities, nor shall such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, nor shall there be any offer, solicitation or sale of
any of the Company’s securities in any state or jurisdiction in
which such offers, solicitations or sales would be unlawful prior
to registration or qualification under the securities laws of such
state or jurisdiction.
About YanGuFang
International Group Co., Ltd.
YanGuFang International Group Co., Ltd. is
primarily engaged in the production, research and development, and
sales of oat and grain products through its massive sales and
distribution network. The Company’s commitment to oats has resulted
in core technical advancements that enable it to unlock the breadth
of its product portfolio, which is broadly categorized into oat and
grain series products and oat nutrient and health series products.
The Company has developed over 80 oat products for its oat and
grain series and oat nutrient and health series to meet the
diversified demands of consumers. For more information, visit the
Company’s website at http://ir.ygfang.com/.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including, but not limited to, the
Company's proposed Offering. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can identify 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. The Company undertakes no obligation to
update or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations that arise after the date hereof, except as may be
required by law. These statements are subject to uncertainties and
risks including, but not limited to, the uncertainties related to
market conditions and the completion of the initial public offering
on the anticipated terms or at all, and other factors discussed in
the “Risk Factors” section of the registration statement filed with
the SEC. Although the Company believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that such expectations will turn out to be
correct, and the Company cautions investors that actual results may
differ materially from the anticipated results and encourages
investors to review other factors that may affect its future
results in the Company's registration statement and other filings
with the SEC. Additional factors are discussed in the Company's
filings with the SEC, which are available for review at
www.sec.gov.
For investor and media inquiries please
contact:
YanGuFang International Group Co.,
Ltd. Investor Relations
DepartmentEmail: ir@yangufang.com
Ascent Investor Relations LLC
Tina XiaoPhone: +1 917-609-0333Email: tina.xiao@ascent-ir.com
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