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WORK Medical Technology Group LTD Announces Partial Exercise of Underwriters’ Over-Allotment Option
Hangzhou, China, Aug. 29, 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. 29, 2024 (GLOBE NEWSWIRE) -- WORK Medical Technology Group LTD (Nasdaq: WOK) (the “Company”), a supplier of medical devices in China, today announced the underwriter of its initial public offering (the \"Offering\") has partially exercised its over-allotment option to purchase an additional 91,942 ordinary shares at the public offering price of US$4.00 per share. After giving effect to the partial exercise of the over-allotment option, the total number of ordinary shares sold by the Company in the public offering increased to 2,091,942 ordinary shares and the gross proceeds increased to approximately $8.37 million, before deducting underwriting discounts and offering expenses payable by the Company. The option closing date was August 29, 2024. The ordinary shares began trading on the Nasdaq Capital Market on August 23, 2024, under the ticker symbol “WOK.” 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 sal...