Business
WORK Medical Technology Group LTD Announces Closing of Initial Public Offering
Hangzhou, China, Aug. 26, 2024 (GLOBE NEWSWIRE) -- WORK Medical Technology Group LTD (Nasdaq: WOK) (the "Company"), a supplier of medical devices in China,
About this update from Work Medical Technology Group Ltd
[{"type":"text","content":"Hangzhou, China, Aug. 26, 2024 (GLOBE NEWSWIRE) -- WORK Medical Technology Group LTD (Nasdaq: WOK) (the \"Company\"), a supplier of medical devices in China, today announced the closing of the initial public offering (the \"Offering\") of its 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares commenced trading on the Nasdaq Capital Market on August 23, 2024 under the ticker symbol \"WOK.\" The gross proceeds of the Offering were approximately US$8.00 million, 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 300,000 ordinary shares to cover over-allotments, if any, at the public offering price, less the underwriting discount. Proceeds from the Offering will be used for (i) upgrading production equipment and increasing production capacity, (ii) developing masks, other medical consumables and medical devices, (iii) product marketing, (iv) patent purchases, and (v) working capital and other general corporate purposes. The Offering was conducted on a “firm commitment” basis. Kingswood Capital Partners, LLC (\"Kingswood\") acted as the sole book running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and Ortoli Rosenstadt LLP acted as U.S. counsel to Kingswood in connection with the Offering. A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the \"SEC\") (File Number: 333-271474) and was declared effective by the SEC on August 22, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement relating to the Offering. Copies of the final prospectus relating to the Offering may be obtained from Kingswood at: 7280 W Palmetto Park Rd. Suite 301, Boca Raton, FL 33433, or by email at [email protected], or by telephone at +1-800-535-6981. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov. 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 there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such...