Addentax Group Corp. Announces Uplisting to Nasdaq Capital Market and Closing of $25 Million Public Offering of Common Stock
Addentax Group Corp. (Nasdaq: ATXG) has successfully closed a public offering of 5 million shares at $5.00 per share, raising $25 million in gross proceeds. The offering was conducted on a firm commitment basis, with Network 1 Financial Securities as the sole book runner. This move follows the company's recent listing on the Nasdaq Capital Market on August 31, 2022. Additionally, underwriters have an option to purchase up to 750,000 more shares. This capital will support Addentax's business segments, which include garment manufacturing and logistics services.
- Raised $25 million in gross proceeds from the offering.
- Capital will support various business segments including garment manufacturing and logistics.
- Potential dilution of shares due to the additional 750,000 shares option for underwriters.
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
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
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
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SOURCE Addentax Group Corp.
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