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WORK Medical Technology Group LTD Announces Pricing of Initial Public Offering
Hangzhou, China, Aug. 23, 2024 (GLOBE NEWSWIRE) -- WORK Medical Technology Group LTD (the "Company"), a supplier of medical devices in China, today announced
About this update from Work Medical Technology Group Ltd
[{"type":"text","content":"Hangzhou, China, Aug. 23, 2024 (GLOBE NEWSWIRE) -- WORK Medical Technology Group LTD (the \"Company\"), a supplier of medical devices in China, today announced the pricing 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 have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on August 23, 2024 under the ticker symbol \"WOK.\" The Company expects to receive aggregate gross proceeds of US$8.00 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 300,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about August 26, 2024, subject to the satisfaction of customary closing conditions. 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, (v) working capital and other general corporate purposes. The Offering is being conducted on a “firm commitment” basis. Kingswood Capital Partners, LLC (\"Kingswood\") is acting as the sole book running manager for the Offering. Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the Company, and Ortoli Rosenstadt LLP is acting as U.S. counsel to Kingswood in connection with the Offering. A registration statement on Form F-1 relating to the Offering has been 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 is being made only by means of a prospectus, forming a part of the registration statement relating to the Offering. Copies of the 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. Before you invest, you should read the prospectus and other documents the Company has filed or...