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Zhongchao Inc. Announces Pricing of $12 Million Firm Commitment Initial Public Offering
Shares to Commence Trading on February 24, 2020 on the NASDAQ Capital Market as "ZCMD" BEIJING, Feb. 21, 2020 /PRNewswire/ -- Zhongchao Inc. ("Zhongchao" or
About this update from Zhongchao Inc.
[{"type":"text","content":"Shares to Commence Trading on February 24, 2020 on the NASDAQ Capital Market as \"ZCMD\"\n\n\nBEIJING, Feb. 21, 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 the pricing of its initial public offering of 3,000,000 Class A ordinary shares at a public offering price of $4.00 per share. The aggregate gross proceeds are approximately $12.0 million before deducting underwriting discounts, commissions and other related expenses, assuming the underwriters do not exercise their over-allotment option to purchase any additional shares. The shares are expected to begin trading on the NASDAQ Capital Market on Monday, February 24, 2020, under the ticker symbol \"ZCMD\". The offering is expected to close on Wednesday, February 26, 2020, subject to customary closing conditions.\nIn addition, Zhongchao has granted the underwriters a 45-day option to purchase up to an additional 450,000 Class A ordinary shares at the public offering price, less underwriting discount and commissions.\nNetwork 1 Financial Securities, Inc. is acting as the lead underwriter and bookrunner for the offering. Tiger Brokers (NZ) Limited is acting as co-underwriter for the offering. Hunter Taubman Fischer & Li LLC and Zong Heng Law Firm are acting as U.S. and PRC legal counsels to the Company, respectively. VCL Law LLP and Allbright Law Offices are acting as U.S. and PRC legal counsels to the underwriters, respectively.\nThe Company intends to use the proceeds from this offering primarily for: 1) development of the online course content; 2) platform technology upgrade and system integration; and 3) expansion of our existing locations to develop new customers through the hiring of more qualified personnel and/or marketing effort.\nA registration statement on Form F-1 relating to this offering (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 A...