Huachen AI Parking Management Technology Holding Co., Ltd Announces Full Exercise of Underwriters’ Over-Allotment Option

About this update from Huachen Ai Parking Management Technology Holding Co., Ltd.

[{"type":"text","content":"JIAXING, CHINA, March 11, 2025 (GLOBE NEWSWIRE) -- Huachen AI Parking Management Technology Holding Co., Ltd (the “Company”) (NASDAQ: HCAI), a comprehensive smart parking solutions and equipment structural parts provider with all operations through the operating subsidiaries in China, today announced that the underwriters of its initial public offering (the “Offering”) have fully exercised their over-allotment option to purchase an additional 225,000 ordinary shares at the public offering price of US$4.00 per share, resulting in additional gross proceeds of $900,000. After giving effect to the full exercise of the over-allotment option, the total number of ordinary shares sold by the Company in the public offering increased to 1,725,000 ordinary shares, and the gross proceeds increased to approximately US$6.9 million before deducting underwriter discounts and other related expenses. The option closing date was March 11, 2025. The ordinary shares began trading on the Nasdaq Capital Market on February 5, 2025 under the ticker symbol “HCAI.”","length":1054,"tagName":"p"},{"type":"text","content":"Net proceeds from the Offering will be used by the Company for contracting the managerial and operational rights of a new parking lot, development and upgrading of new AGVs and RGVs, recruitment for specialized technical and operational personnel, as well as working capital and general corporate matters.","length":305,"tagName":"p"},{"type":"text","content":"Benjamin Securities, Inc. and D. Boral Capital LLC acted as underwriters for the Offering (the “Underwriters”). Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as counsel to the Underwriters.","length":258,"tagName":"p"},{"type":"text","content":"The Offering was conducted pursuant to the Company’s registration statement on Form F-1 (File No. 333-281543), as amended, in connection with the Offering (the “Registration Statement”) previously filed with the Securities and Exchange Commission (“SEC”) and subsequently declared effective by the SEC on February 4, 2025. The Offering is being made only by means of a prospectus. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus relating to the Offering may be obtained from Benjamin Securities, Inc. ...

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