Focus Universal Inc. Announces Exercise of Over-Allotment Option and Closing of Public Offering

Rhea-AI Summary

Focus Universal Inc. (NASDAQ:FCUV) announced the completion of its $10 million public offering, which included the exercise of an over-allotment option, increasing total gross proceeds to $11.5 million. The offering involved the sale of 2,000,000 shares at $5.00 per share. Started trading on the Nasdaq Capital Market on August 31, 2021, the offering was underwritten by Boustead Securities, LLC. These funds aim to enhance their IoT and 5G technologies, which promise reduced costs and increased efficiency for hardware and software design.

Positive

• Total gross proceeds increased to $11.5 million due to underwriters' over-allotment option.
• Funding will support advancements in IoT and 5G technologies, potentially enhancing market competitiveness.

Negative

• The issuance of new shares may dilute existing shareholder value.

ONTARIO, CA / ACCESSWIRE / September 2, 2021 / Focus Universal Inc. (NASDAQ:FCUV) (the Company), a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G, today announced the closing of its previously announced public offering. In addition, the underwriters have exercised their over-allotment option resulting in the issuance of an additional 300,000 shares.

FCUV had previously announced the pricing of its $10 Million public offering of 2,000,000 shares on August 30, 2021 at $5.00 per share. With the exercise and closing of the underwriters' over-allotment option, the total gross proceeds from FCUV are $11.5 Million.

The Company commenced trading on the Nasdaq Capital Market on August 31, 2021.

Boustead Securities, LLC acted as sole underwriter for the Offering.

The securities described above were sold by Focus Universal pursuant to a registration statement, as amended, filed by the Company with the Securities and Exchange Commission (the SEC), which was declared effective on August 30, 2021. The Offering was made only by means of a prospectus. A copy of the final prospectus related to the Offering may be obtained from Boustead Securities, LLC, via email: offerings@boustead1828.com or by calling +1 (949) 502-4408 or standard mail at Boustead Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.

About Focus Universal:
Focus Universal Inc. (NASDAQ:FCUV) is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have the potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security for these industries.

Forward-Looking Statements:
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Focus Universal specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:
The Blueshirt Group, for Focus Universal
Lauren Sloane
Lauren@blueshirtgroup.com

For Company inquiries, please contact:
Desheng Wang
626-272-3883
IR@focusuniversal.com

For Underwriter inquiries, please contact:
Boustead Securities, LLC
Daniel J. McClory, Head of Equity Capital Markets
Tel: +1 949 502 4408
Email: dan@boustead1828.com

SOURCE: Focus Universal Inc.

View source version on accesswire.com:
https://www.accesswire.com/662651/Focus-Universal-Inc-Announces-Exercise-of-Over-Allotment-Option-and-Closing-of-Public-Offering

FAQ

What was the total amount raised in Focus Universal's public offering?

Focus Universal raised a total of $11.5 million through its public offering.

How many shares were sold in the Focus Universal public offering?

A total of 2,300,000 shares were sold, including the over-allotment option.

What was the price per share in the Focus Universal offering?

The price per share during the offering was $5.00.

Who acted as the underwriter for Focus Universal's offering?

Boustead Securities, LLC acted as the sole underwriter for the offering.

When did Focus Universal start trading on the Nasdaq?

Focus Universal began trading on the Nasdaq Capital Market on August 31, 2021.