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Addentax Group Corp. Announces Uplisting to Nasdaq Capital Market and Pricing of $25 Million Public Offering of Common Stock
SHENZHEN, China, Aug. 30, 2022 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (NasdaqCM: ATXG), an integrated service provider focusing on
About this update from Addentax Group Corp.
[{"type":"text","content":"SHENZHEN, China, Aug. 30, 2022 /PRNewswire/ -- Addentax Group Corp. (\"Addentax\" or the \"Company\") (NasdaqCM: ATXG), an integrated service provider focusing on garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies, today announced the pricing of an underwritten public offering (the \"Offering\") of 5,000,000 shares of its common stock at a price to the public of $5.00 per share, for total gross proceeds of approximately $25 million, before deducting underwriting discounts and other related expenses. The Offering is being conducted on a firm commitment basis. The Company's common stock is expected to commence trading on Nasdaq Capital Market under the ticker symbol \"ATXG\" on August 31, 2022.\nThe Company has granted the underwriter an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 750,000 shares of common stock at a price to the public, less underwriting discounts, to cover over-allotments, if any. The Offering is expected to close on September 2, 2022, subject to customary closing conditions.\nNetwork 1 Financial Securities, Inc is acting as the sole book runner for the Offering. Loeb & Loeb LLP is acting as counsel to the Company. VCL Law LLP is acting as counsel to the underwriter with respect to the Offering.\nA registration statement on Form S-1, as amended (File No. 333-230943) relating to the Offering was previously filed with the U. S. Securities and Exchange Commission (\"SEC\") by the Company, and subsequently declared effective by the SEC on August 11, 2022. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, New Jersey 07701; Attention Karen (Huiyun) Mu, email [email protected] and Adam Pasholk, email [email protected] or by calling +1 (800) 886-7007.\nBefore you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering....