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Shengfeng Development Limited Announces Closing of Initial Public Offering
FUZHOU, China, April 4, 2023 /PRNewswire/ -- Shengfeng Development Limited (Nasdaq: SFWL) (the "Company" or "Shengfeng"), a contract logistics company in
About this update from Shengfeng Development Limited
[{"type":"text","content":"FUZHOU, China, April 4, 2023 /PRNewswire/ -- Shengfeng Development Limited (Nasdaq: SFWL) (the \"Company\" or \"Shengfeng\"), a contract logistics company in China providing customers with integrated logistics solution services, today announced the closing of its initial public offering (the \"Offering\") of 2,400,000 Class A ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A ordinary shares began trading on the Nasdaq Capital Market on March 31, 2023 under the ticker symbol \"SFWL.\"\nThe Company received aggregate gross proceeds of US$9.60 million from the 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 360,000 Class A ordinary shares at the public offering price after the closing of Offering, less underwriting discounts.\nProceeds from the Offering will be used for expanding and increasing the number of regional sorting centers, the number of order fulfillment centers (\"OFCs\") and service outlets, purchasing trucks and other vehicles to add to the Company's self-owned fleet, upgrading the equipment of existing regional sorting centers, OFCs, and service outlets, improving IT infrastructure, and working capital and other general corporate purposes.\nThe Offering was conducted on a firm commitment basis. Univest Securities, LLC (\"Univest\") acted as the underwriter for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and Ellenoff Grossman & Schole LLP acted as U.S. counsel to Univest in connection with the Offering.\nA registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the \"SEC\") (File Number: 333-267367) and was declared effective by the SEC on March 30, 2023. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Univest by email at [email protected], or by calling +1 (212)-343-8888. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.\nThis press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall ...