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Hanryu Holdings, Inc. Announces Closing of $8.8 Million Initial Public Offering
SEOUL, SOUTH KOREA / ACCESSWIRE / August 3, 2023 / Hanryu Holdings, Inc. ("Hanryu" or the "Company") (NASDAQ:HRYU), a media-tech company and creator of
About this update from Global Interactive Technologies, Inc.
[{"type":"text","content":"SEOUL, SOUTH KOREA / ACCESSWIRE / August 3, 2023 / Hanryu Holdings, Inc. (\"Hanryu\" or the \"Company\") (NASDAQ:HRYU), a media-tech company and creator of FANTOO, an all-in-one social media experience connecting k-culture fans globally, today announced the closing of its initial public offering of 877,328 shares of common stock at a public offering price of $10.00 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $8.8 million.In addition, Hanryu has granted Aegis Capital Corp. (\"Aegis\") a 45-day option to purchase up to 131,599 additional shares of common stock at the public offering price, less underwriting discounts and commissions, solely to cover over-allotments, if any. If Aegis exercises the option in full, the aggregate proceeds of the offering and over-allotment are expected to be approximately $10.1 million, before deducting underwriting discounts and commissions and offering expenses.The net proceeds from the initial public offering are expected to be used for working capital and general corporate purposes, including engineering and technology, sales and marketing, and capital expenditures.The common stock began trading on the Nasdaq Capital Market on August 1, 2023 under the symbol \"HRYU\".Aegis Capital Corp. acted as the sole book-running manager for the Offering.The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from Aegis Capital Corporation, 1345 Avenue of the Americas, 27th Floor, New York, NY 10105, by e-mail at [email protected] by telephone at (212) 813-1010.A registration statement on Form S-1 (No. 333-269419) relating to these securities was declared effective on July 31, 2023 by the U.S. Securities and Exchange Commission (the \"SEC\"). Copies of the registration statement, as amended, can be accessed through the SEC's website at www.sec.gov.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 Hanryu Holdings, Inc.Hanryu Holdings, Inc., is the creat...