DUBAI, UAE, Oct. 20, 2020 /PRNewswire/ -- Yalla Group Limited
("Yalla" or the "Company") (NYSE: YALA), the leading voice-centric
social networking and entertainment platform in the Middle East and North Africa (MENA), today announced that the
underwriters of its initial public offering (the "IPO") have
exercised in part their over-allotment option to purchase an
additional 700,000 American Depositary Shares ("ADSs") from
the Company at the IPO price of US$7.50 per ADS, less underwriting discounts and
commissions. After giving effect to the partial exercise of the
over-allotment option, Yalla issued and sold a total of 19,300,000
ADSs in the IPO, for a total offering size of US$144.8 million. The offering of the additional
700,000 ADSs closed on October 20,
2020.
Morgan Stanley & Co. LLC and Haitong International
Securities Company Limited acted as joint bookrunners for this IPO.
Tiger Brokers (NZ) Limited acted as co-manager for the IPO.
A registration statement related to these securities has been
filed with the United States Securities and Exchange Commission
(the "SEC") and was declared effective on September 29, 2020. This offering was made only
by means of a prospectus forming part of the effective registration
statement. A copy of the final prospectus relating to the offering
may be obtained by contacting the following underwriters: (i)
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, 2nd Floor, New York,
NY 10014, United States, or
by calling +1-917-606-8487, or by email at
prospectus@morganstanley.com or (ii) Haitong International
Securities Company Limited, Attention: Equity Capital Markets, 22/F
Li Po Chun Chambers, 189 Des Voeux Road Central, Hong Kong, or by calling +852-2848-4385, or by
email at project.yankee.2019@htisec.com
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Yalla Group Limited
Yalla Group Limited is the leading voice-centric social
networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company's flagship
mobile application, Yalla, is specifically tailored for the people
and local cultures of the region and primarily features Yalla
rooms, a mirrored online version of the majlis or cafés where
people spend their leisure time in casual chats. Voice chats are
more suitable to the cultural norms in MENA compared to video
chats. The Company strives to maintain users' equal status on its
platform, thereby encouraging all users to freely communicate and
interact with each other. The Company also operates Yalla Ludo, a
mobile application featuring online versions of board games that
are highly popular in MENA, such as Ludo and Domino. In-game
real-time chats and Ludo chat room functions are popular social
networking features among users. Through close attention to detail
and localized appeal that deeply resonates with users, Yalla's
mobile applications deliver a seamless user experience that fosters
a loyal sense of belonging, creating a highly devoted and engaged
user community.
For more information, please visit: http://ir.yallatech.ae/
For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: ir@yallatech.ae
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com
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SOURCE Yalla Group Limited