Business
WiMi Hologram Cloud Inc. Announces Closing of Underwritten Initial Public Offering
BEIJING, April 3, 2020 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading AR services provider in China, announced
About this update from Wimi Hologram Cloud Inc.
[{"type":"text","content":"BEIJING, April 3, 2020 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) (\"WiMi\" or the \"Company\"), a leading AR services provider in China, announced the closing of its previously announced underwritten initial public offering of 4,750,000 American Depositary Shares (\"ADSs\"), each representing two Class B ordinary shares of the Company. The aggregate gross proceeds to the company from the offering, before deducting underwriting discounts and commission and estimated offering expenses, totaled approximately $26.0 million. As previously announced, the company has granted the underwriters a 30-day over-allotment option to purchase up to 712,500 ADSs at the public offering price, less underwriting discounts and commissions.\nThe Company intends to use the proceeds from its IPO to boost holographic R&D, as well as for strategic acquisitions and investments.\nThe Benchmark Company LLC, Valuable Capital Limited, Maxim Group LLC, China Merchants Securities (HK) Co. Ltd, BOCI Asia Ltd, and Axiom Capital Management, Inc. acted as joint bookrunners of this offering. The ADSs described above were offered by WiMi pursuant to a registration statement that was declared effective by the Securities and Exchange Commission on March 31, 2020.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. \nThis offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained by contacting: The Benchmark Company, LLC, 150 East 58th Street, 17th Floor, New York, New York 10155, United States; Valuable Capital Limited, Room 2807-2809, 28/F, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road, Central, Hong Kong; Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, New York 10174, United States; China Merchants Securities (HK) Co., Limited, 48/F One Exchange Square, Central, Hong Kong; BOCI Asia Limited, 26/F Bank of China Tower 1 Garden Road Central, Hong Kong; or Axiom Capital Management, Inc., Suite 5...