Business
Huadi International Group Co., Ltd. Announces Closing of $25 Million Registered Direct Offering
BEIJING, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer
About this update from Huadi International Group Co., Ltd.
[{"type":"text","content":"BEIJING, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announced the closing of its previously announced registered direct offering with two institutional investors, raising approximately US$25 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses. The offering consists of the sale of 1 million ordinary shares in a registered direct offering, at a purchase price of $25.00 per ordinary share. The Company plans to use the net proceeds for general working capital. Univest Securities, LLC acted as the exclusive placement agent for this offering. The offering of the ordinary shares described above was made pursuant to an effective \"shelf\" registration statement on Form F-3 (File No. 333-265882), previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") on June 28, 2022, and declared effective on October 21, 2022. The offering was made only by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus related to the offering may be obtained at the SEC's website located at http://www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. About Huadi International Group Co., Ltd. Huadi International Group Co., Ltd. is a leading manufacturer of industrial stainless steel seamless pipes and tubes products with extensive distribution facilities and network for over twenty provinces in China and across international steel pipes industry. It offers a broad range of products exported to twenty countries and regions such as United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, UAE and Canada. Its products are widely used in the oil & gas transmission, chemistry engineering, food processing, medical devices, aeronautics and astronautics, boiler, irrigation works construction, electricity, automobile, naval architecture, paper mill ...