Business
Huadi International Group Co, Ltd. Announces Pricing of $25 Million Initial Public Offering
Wenzhou, China, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and
About this update from Huadi International Group Co., Ltd.
[{"type":"text","content":"Wenzhou, China, Jan. 22, 2021 (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 pricing of its initial public offering of 3,125,000 ordinary shares at a public offering price of $8.00 per ordinary share, for total gross proceeds of $25 million before deducting underwriting discounts and commissions and offering expenses. The offering is being conducted on a firm commitment basis. The ordinary shares have been approved for listing on The Nasdaq Capital Market and are expected to commence trading today, January 22, 2021, under the ticker symbol “HUDI.” The Company has granted the underwriters an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 468,750 shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on January 26, 2021, subject to customary closing conditions. Craft Capital Management LLC and R.F. Lafferty & Co. Inc. are acting as joint book runners and Craft Capital Management LLC is also acting as the lead underwriter for the offering. Valuable Capital Limited and Shengang Securities Company Limited are acting as co-underwriters for the offering. Ortoli Rosenstadt LLP is acting as counsel to the Company, and Bevilacqua PLLC is acting as counsel to Craft Capital Management LLC. The Company intends to use the proceeds from this offering primarily for (i)product research and development, (ii) marketing and business development, (iii) new production equipment purchase, (iv) new business assessment and acquisition, and (v) talent acquisition and training and working capital. A registration statement on Form F-1 (File No. 333-248919) relating to the offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 30, 2020. The offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus related to the offering may be obtained, when available, from Craft Capital Management LLC by email at [email protected] or via standard mail to Craft Capital Management LLC, 377 Oak Street, Suite 402, Garden City, NY 11530....