ICZOOM Announces Cancellation of Proposed Public Offering

Rhea-AI Summary

ICZOOM Group Inc. (Nasdaq: IZM) has announced the cancellation of a proposed public offering, citing unfavorable market conditions. The Company voluntarily withdrew its registration statement on Form F-1 and cancelled the offering to protect the interests of the Company and its shareholders.

HONG KONG, April 17, 2024 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq: IZM) (the "Company" or "ICZOOM"), announced today that it voluntarily requested a withdrawal of a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (File No.333-275708, the "Registration Statement") and accordingly cancelled the proposed public offering pursuant to the Registration Statement .

The cancellation results from an assessment by Company's management that current market pricing is not conducive for an offering that would be in the best interests of the Company or its shareholders.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 ICZOOM Group Inc.

ICZOOM Group Inc. (Nasdaq: IZM) is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce platform. These products are primarily used by China based small and medium-sized enterprises ("SMEs") in the consumer electronic industry, Internet of Things ("IoT"), automotive electronics and industry control segments. By utilizing latest technologies, the Company's platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistic and shipping, and customs clearance. For more information, please visit the Company's website:
http://ir.iczoomex.com/index.html. 

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events 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 "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions. The Company undertakes no obligation to update or revise publicly any 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 other filings with the U.S. Securities and Exchange Commission.

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SOURCE ICZOOM Group Inc.

Why did ICZOOM Group Inc. cancel the proposed public offering?

ICZOOM Group Inc. cancelled the proposed public offering due to an assessment by the Company's management that current market pricing is not conducive for an offering that would be in the best interests of the Company or its shareholders.

What was the registration statement that ICZOOM Group Inc. withdrew?

ICZOOM Group Inc. voluntarily requested a withdrawal of a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (File No.333-275708).

What securities were involved in the proposed public offering that ICZOOM Group Inc. cancelled?

ICZOOM Group Inc. cancelled the proposed public offering, which involved securities that were subject to the registration statement on Form F-1.