LISHUI, China, May 3, 2021 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products
supplier in China, today announced
that it has completed an upsized underwritten public offering (the
"Offering") with gross proceeds to the Company expected to be
approximately $48.3 million, before
deducting underwriting discounts and commissions and other
estimated offering expenses payable by the Company. The Offering
was upsized from a $35 million base
to a $42 million base, with an
aggregate offering of $48.3 million,
including the successful execution of the over-allotment. The
Offering included 140,000,000 of the Company's ordinary shares, and
21,000,000 additional shares from the exercise of the underwriter's
option to purchase such shares to cover over-allotments at the
public offering price of $0.30 per
share. The Company intends to use the net proceeds from this
offering for working capital and general corporate purposes.
Aegis Capital Corp. has acted as the sole book-running
manager for the offering.
The ordinary shares described above are being offered by Farmmi,
Inc. pursuant to an effective registration statement on Form F-1
(No. 333-255387) previously filed with the U.S. Securities and
Exchange Commission (the "SEC") and declared effective by the SEC
on April 28, 2021. A final prospectus
(the "Prospectus") describing the terms of the proposed offering
has been filed with the SEC and is available on the SEC's website
located at http://www.sec.gov. Electronic copies of the final
prospectus may be obtained by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 810 7th Avenue, 18th floor,
New York, NY 10019, by email at
syndicate@aegiscap.com, or by telephone at (212) 813-1010.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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 Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a
leading agricultural products supplier, processor and retailer of
Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other
agricultural products. For further information about the
Company, please visit: http://ir.farmmi.com.cn/.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including the potential impact of COVID-19 on our
business within and outside of China. 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. 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.
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SOURCE Farmmi, Inc.