SHENZHEN, China, Sept. 2,
2022 /PRNewswire/ -- Addentax Group Corp.
("Addentax" or the "Company") (NasdaqCM: ATXG), an integrated
service provider focusing on garment manufacturing, logistics
service, property management and subleasing, and epidemic
prevention supplies, today announced the closing of an underwritten
public offering (the "Offering") of 5,000,000 shares of its common
stock at a price of $5.00 per
share.
The Company's common stock began trading on Nasdaq Capital
Market under the ticker symbol "ATXG" on August 31, 2022.
The Company received aggregate gross proceeds of $25 million from the Offering, before deducting
underwriting discounts and other related expenses. In addition, the
Company has granted the underwriters an option, exercisable within
45 days from the date of the underwriting agreement, to purchase up
to an additional 750,000 shares of common stock at a price to the
public, less underwriting discounts, to cover over-allotments, if
any.
The Offering was conducted on a firm commitment basis. Network 1
Financial Securities, Inc is acting as the sole book runner for the
Offering. Loeb & Loeb LLP is acting as counsel to the Company.
VCL Law LLP is acting as counsel to the underwriter with respect to
the Offering.
A registration statement on Form S-1, as amended (File No.
333-230943) relating to the Offering was previously filed with the
U. S. Securities and Exchange Commission ("SEC") by the Company,
and subsequently declared effective by the SEC on August 11, 2022. The Offering was made only by
means of a final prospectus. A final prospectus relating to the
Offering was filed with the SEC on September 1,
2022, and is available on the SEC's website at www.sec.gov.
Electronic copies of the final prospectus related to the Offering
may be obtained from Network 1 Financial Securities, Inc., 2 Bridge
Avenue, Suite 241, Red Bank, New
Jersey 07701; Attention Karen (Huiyun) Mu, email
kmu@netw1.com and Adam Pasholk,
email adampasholk@netw1.com or by calling +1 (800) 886-7007.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Addentax Group Corp.
Addentax Group Corp. is an integrated service provider focusing
on garment manufacturing, logistics service, property management
and subleasing, and epidemic prevention supplies. Its garment
manufacturing business consists of sales made principally to
wholesaler located in China. The
logistics business consists of delivery and courier services
covering 79 cities in seven provinces and two municipalities in
China. The property management and
subleasing business provides shops subleasing and property
management services for garment wholesalers and retailers in
garment market. The epidemic prevention supplies business consists
of manufacturing and distribution of epidemic prevention products
and resale of epidemic prevention supplies purchased from third
parties in both domestic and overseas markets. For more
information, visit the Company's website at
https://www.addentax.com/.
Forward-Looking Statements
All statements other than statements of historical fact in
this announcement are forward-looking statements, including but not
limited to, the Company's proposed Offering. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy
and financial needs, including the expectation that the Offering
will be successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
For more information, please contact:
Investor Relations:
Sherry
Zheng
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com
View original
content:https://www.prnewswire.com/news-releases/addentax-group-corp-announces-uplisting-to-nasdaq-capital-market-and-closing-of-25-million-public-offering-of-common-stock-301617147.html
SOURCE Addentax Group Corp.