Huadi International Group Co, Ltd. Announces Pricing of $25 Million Initial Public Offering
January 22 2021 - 08:30AM
Huadi International Group Co., Ltd. (“HUDI” or the “Company”)
(NASDAQ: HUDI), a leading developer and manufacturer of industrial
stainless steel seamless pipes and tubes products in China, today
announced the pricing of its initial public offering of 3,125,000
ordinary shares at a public offering price of $8.00 per ordinary
share, for total gross proceeds of $25 million before deducting
underwriting discounts and commissions and offering expenses. The
offering is being conducted on a firm commitment basis. The
ordinary shares have been approved for listing on The Nasdaq
Capital Market and are expected to commence trading today, January
22, 2021, under the ticker symbol “HUDI.”
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 468,750
shares at the public offering price, less underwriting discounts
and commissions.
The offering is expected to close on January 26,
2021, subject to customary closing conditions.
Craft Capital Management LLC and R.F. Lafferty
& Co. Inc. are acting as joint book runners and Craft Capital
Management LLC is also acting as the lead underwriter for the
offering. Valuable Capital Limited and Shengang Securities Company
Limited are acting as co-underwriters for the offering. Ortoli
Rosenstadt LLP is acting as counsel to the Company, and Bevilacqua
PLLC is acting as counsel to Craft Capital Management LLC.
The Company intends to use the proceeds from
this offering primarily for (i)product research and development,
(ii) marketing and business development, (iii) new production
equipment purchase, (iv) new business assessment and acquisition,
and (v) talent acquisition and training and working capital.
A registration statement on Form F-1 (File No.
333-248919) relating to the offering has been filed with the
Securities and Exchange Commission (“SEC”) and was declared
effective by the SEC on December 30, 2020. The offering is being
made only by means of a prospectus, forming a part of the
registration statement. Copies of the prospectus related to the
offering may be obtained, when available, from Craft Capital
Management LLC by email at skiront@craftcm.com or via standard mail
to Craft Capital Management LLC, 377 Oak Street, Suite 402, Garden
City, NY 11530. In addition, a copy of the final prospectus
relating to the offering may be obtained via the SEC's website at
www.sec.gov.
Before you invest, you should read the final
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the offering. 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 Huadi International Group Co.,
Ltd.
Huadi International Group Co., Ltd. is a leading
manufacturer of industrial stainless steel seamless pipes and tubes
products with extensive distribution facilities and network for
over twenty provinces in China and also with a big presence across
international steel pipes industry. It offers a broad range of
products exported to twenty countries and regions such as United
States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the
Philippines, UAE and Canada. Its products are widely used in the
oil & gas transmission, chemistry engineering, food processing,
medical devices, aeronautics and astronautics, boiler, irrigation
works construction, electricity, automobile, naval architecture,
paper mill and mechanical industries. For more information about
the Company, please visit: http://www.huadi.cc.
Forward-Looking Statement
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as “may, “will, “intend,” “should,” “believe,”
“expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Specifically, the
Company’s statements regarding trading on the NASDAQ Capital Market
and closing the initial public offering are forward-looking
statements. Forward-looking statements are not guarantees of
future performance and involve risks and uncertainties that may
cause the actual results to differ materially from the Company’s
expectations discussed in the forward-looking statements. These
statements are subject to uncertainties and risks including, but
not limited to, the following: the Company’s goals and
strategies; the Company’s future business development; financial
condition and results of operations; product and service demand and
acceptance; reputation and brand; the impact of competition and
pricing; changes in technology; government regulations;
fluctuations in general economic and business conditions in China
and assumptions underlying or related to any of the foregoing and
other risks contained in reports filed by the Company with the
SEC. For these reasons, among others, investors are cautioned
not to place undue reliance upon any forward-looking statements in
this press release. Additional factors are discussed in the
Company’s filings with the SEC, which are available for review at
www.sec.gov. The Company undertakes no obligation to publicly
revise these forward‐looking statements to reflect events or
circumstances that arise after the date hereof.
For more information, please contact:
The Company:IR DepartmentEmail: IR@huadigroup.com
Investor Relations:Janice Wang EverGreen
Consulting Inc. Email: IR@changqingconsulting.comPhone: +86
13811768559
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