Business
Erayak Power Solution Group Inc. Announces Pricing of $12 Million Initial Public Offering
Wenzhou, China, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. (“Erayak” or the “Company”) (Nasdaq: RAYA), a leading manufacturer,
About this update from Erayak Power Solution Group Inc.
[{"type":"text","content":"Wenzhou, China, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. (“Erayak” or the “Company”) (Nasdaq: RAYA), a leading manufacturer, designer, and exporter of high-quality products in the power supply industry, announced the pricing of its initial public offering of 3 million Class A ordinary shares at a public offering price of $4.00 per share, for total gross proceeds of $12 million, before deducting underwriting discounts, commissions, and other related expenses on December 13, 2022. In addition, Erayak has granted the underwriters a 45-day option to purchase up to an additional 450,000 ordinary shares at the public offering price, less underwriting discount, and commissions. The Class A ordinary shares start trading on the Nasdaq Capital Market on December 14, 2022, under the ticker symbol \"RAYA.\" The offering is expected to close on or about December 16, 2022, subject to customary closing conditions. Craft Capital Management LLC and R.F. Lafferty & Co., Inc. are acting as co-underwriters and joint book-runners for the offering. Ortoli Rosenstadt LLP is acting as counsel to the Company, and VCL Law LLP is acting as counsel to the underwriters. A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on December 13, 2022. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This offering is being made only by means of a written prospectus, forming a part of the effective registration statement. Copies of the final prospectus relating to the initial public offering can be obtained, when available, from: Craft Capital Management LLC, Attention: Richard Rizzuto, 377 Oak Street, Lower Concourse, Garden City, NY 11530 or by email [email protected]; R.F. Lafferty & Co., Inc., Attention: John Heidenreich, 40 Wall Street, 29th Floor, New York, NY 10005, or by email at [email protected]. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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 Erayak Power Solution Group Inc. Erayak specializes in t...