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Zhongchao Inc. Announces Partial Exercise of the Underwriter's Over-Allotment Option for Its Firm Commitment Public Offering
SHANGHAI, March 2, 2020 /PRNewswire/ -- Zhongchao Inc. ("Zhongchao" or the "Company") (NASDAQ:ZCMD), a provider of healthcare information, professional
About this update from Zhongchao Inc.
[{"type":"text","content":"SHANGHAI, March 2, 2020 /PRNewswire/ -- Zhongchao Inc. (\"Zhongchao\" or the \"Company\") (NASDAQ:ZCMD), a provider of healthcare information, professional training and educational services to healthcare professionals and the public in China, today announced that Network 1 Financial Securities, Inc., who acted as the lead underwriter and bookrunner of the Company's initial public offering (\"IPO\"), has partially exercised their over-allotment option and purchased an additional 315,003 Class A ordinary shares at the IPO price of $4.00 per share. As a result, the Company has raised gross proceeds of approximately $1.26 million, in addition to the previously announced IPO gross proceeds of approximately $12.0 million, before underwriting discounts and commissions and other related expenses. \nNetwork 1 Financial Securities, Inc. acted as the lead underwriter and bookrunner for the IPO. Tiger Brokers (NZ) Limited acted as co-underwriter for the IPO. Hunter Taubman Fischer & Li LLC and Zong Heng Law Firm acted as U.S. and PRC legal counsels to the Company, respectively. VCL Law LLP and Allbright Law Offices acted as U.S. and PRC legal counsels to the underwriters, respectively.\nA registration statement on Form F-1 relating to the IPO (file number: 333-234807) was declared effective by the Securities and Exchange Commission (\"SEC\") on February 21, 2020. The offering of the Company's Class A ordinary shares was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus related to the offering may be obtained by contacting Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, New Jersey 07701, Attention: Steven Sun, Executive Director, Investment Banking or email [email protected] or by calling +1 (800)-886-7007. In addition, a copy of the final prospectus relating to the offering may be accessed via the SEC's website at www.sec.gov.\nThis press release shall 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 United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawfu...