Business
Jin Medical International Ltd. Announces Closing of $8,000,000 Initial Public Offering
Changzhou City, China, March 30, 2023 (GLOBE NEWSWIRE) -- Jin Medical International Ltd. (the "Company" or “JinMed”) (NASDAQ: ZJYL), a Cayman Islands holding
About this update from Jin Medical International Ltd.
[{"type":"text","content":"Changzhou City, China, March 30, 2023 (GLOBE NEWSWIRE) -- Jin Medical International Ltd. (the \"Company\" or “JinMed”) (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese operating entities that manufacture and develop wheelchairs and living aids products, today announced the closing of its initial public offering (the \"Offering\") of 1,000,000 ordinary shares (the \"Ordinary Shares\") at a public offering price of $8.00 per share for total gross proceeds of $8,000,000, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters an option, within 45 days from the closing date of the Offering, to purchase up to an additional 150,000 Ordinary Shares at the public offering price, less underwriting discounts, to cover over-allotment, if any. The Offering closed on March 30, 2023 and the Ordinary Shares began trading on March 28, 2023 on The Nasdaq Capital Market under the ticker symbol \"ZJYL\". Prime Number Capital, LLC acted as the sole bookrunner for the Offering. SBI China Capital Financial Services Limited acted as the co-manager for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Kaufman & Canoles, P.C. acted as counsel to the underwriters. The Company intends to use the proceeds from this Offering for i) research and development activities, including expanding its research and development team, improving existing products’ engineering and developing new products; ii) promotion and marketing activities, including the development, operations, and marketing of Company’s online platform; iii) increasing production capacities, including expanding and upgrading production lines and facilities; iv) acquiring upstream and downstream companies manufacturing wheelchairs and living aids products, including parts manufacturers; and v) general corporate purposes. A registration statement on Form F-1 (File No. 333-259767) relating to the Offering, as amended, has been filed with the Securities and Exchange Commission (the \"SEC\") and was declared effective by the SEC on March 27, 2023. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained, when available, from Prime Number Capital, LLC by email at [email protected]. In addition, a copy of the final prospectus can als...