Business
Universe Pharmaceuticals INC Announces Full Exercise of Underwriter’s Over-Allotment Option in the Public Offering
Ji’an, Jiangxi, China, March 31, 2021 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the “Company”) (Nasdaq: UPC), a pharmaceutical producer and
About this update from Universe Pharmaceuticals Inc
[{"type":"text","content":"Ji’an, Jiangxi, China, March 31, 2021 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the “Company”) (Nasdaq: UPC), a pharmaceutical producer and distributor in China, today announced the underwriter of its previously announced initial public offering of ordinary shares (the \"Offering\") has exercised in full its option to purchase an additional 750,000 ordinary shares at the public offering price of $5.00 per share to cover overallotments, resulting in additional gross proceeds of $3.75 million. After giving effect to the full exercise of the over-allotment option, the total number of shares sold by the Company in the Offering increased to 5.75 million shares and gross proceeds increased to $28.75 million. The exercise of the over-allotment option has closed on March 31, 2021. Proceeds from the Offering will be used for upgrading and expanding the Company’s manufacturing facilities, conducting research and development, branding, advertising and marketing, and for working capital and general corporate purposes. The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as the underwriter and book-running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Pryor Cashman 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: 333-248067) and was declared effective by the SEC on March 22, 2021. 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 constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the Un...