Business
Qilian International Holding Group Limited Announces Closing of Initial Public Offering
Jiuquan, China, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (the “Company”) (Nasdaq: QLI), a China-based pharmaceutical and
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[{"type":"text","content":"Jiuquan, China, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (the “Company”) (Nasdaq: QLI), a China-based pharmaceutical and chemical products manufacturer, today announced the closing of its initial public offering (\"Offering\") of 5,000,000 ordinary shares at a public offering price of US$5.00 per share. The Company received aggregate gross proceeds of US$25 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 750,000 ordinary shares at the public offering price, less underwriting discounts. The ordinary shares began trading on the Nasdaq Global Market on January 12, 2021 under the ticker symbol “QLI”. Proceeds from the Offering will be used for fixed asset investment in Oxytetracycline API production facilities, construction of an organic-waste treatment facility, fixed asset investment in Heparin Sodium Preparation facilities, and marketing expenses for Gan Di Xin®. The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as the representative of the underwriters and lead book-running manager for the Offering. Loop Capital Markets and Alexander Capital L.P. acted as co-managers for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Ortoli Rosenstadt LLP acted as counsel to Univest Securities, LLC in connection with the Offering. A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-234460) and was declared effective by the SEC on December 30, 2020.This Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Univest Securities, LLC, by email at [email protected] or standard mail to Univest Securities, LLC, Attn: 375 Park Avenue, 15th Floor, New York, NY 10152. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release does not con...