Jowell Global Ltd. Announces Closing of $26 Million Initial Public Offering

Rhea-AI Summary

Jowell Global Ltd. (JWEL) announced the successful closing of its initial public offering, raising $26 million by selling 3,714,286 ordinary shares at $7.00 each. The offering, conducted on a firm commitment basis, allows underwriters to purchase an additional 557,143 shares within 45 days. Shares began trading on NASDAQ on March 17, 2021. Network 1 Financial Securities served as lead underwriter for this offering, with all shares being offered by the company. The final prospectus can be accessed from the SEC's website.

Positive

• Raised $26 million from IPO
• Shares started trading on NASDAQ

Negative

• Potential dilution from additional share option for underwriters

Shanghai, China, March 19, 2021 (GLOBE NEWSWIRE) -- Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), a company which operates one of the leading cosmetics, health and nutritional supplements and household products e-commerce platforms Juhao Mall in China, today announces the closing of its initial public offering of 3,714,286 ordinary shares at a price of $7.00 per ordinary share, for total gross proceeds of $26 million before deducting underwriting discounts and offering expenses. All of the ordinary shares were offered by the Company. The offering was conducted on a firm commitment basis. In addition, the Company has granted the underwriters an option, exercisable within 45 days from the date of the final prospectus, to purchase up to an additional 557,143 shares at the public offering price, less underwriting discounts. The ordinary shares began trading on March 17, 2021 on NASDAQ Capital Market under the symbol “JWEL”.

Network 1 Financial Securities, Inc. acted as sole book runner and lead underwriter for the offering and Alexander Capital, L.P. acted as co-underwriter. FisherBroyles, LLP acted as counsel to the Company and Hunter Taubman Fischer & Li LLC acted as counsel to the underwriters with respect to this offering.

A registration statement on Form F-1 (File No. 333-250889) relating to the offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on March 16, 2021. The offering of the ordinary shares was made only by means of a final prospectus. A final prospectus relating to the offering was filed with the SEC on March 18, 2021, which may be obtained from Network 1 Financial Securities, Inc. by email at kmu@netw1.com, or via standard mail to Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701.  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 Jowell Global Ltd.

Jowell Global Ltd. (the “Company”) operates one of China's leading e-commerce platforms for cosmetics, health and nutritional supplements and household products - Juhao Mall. The Company provides its own brand products to customers and sells and distributes other companies' health and nutritional supplements, cosmetics and certain household products on the Juhao Mall platform. In addition, Juhao Mall allows third parties to open their own stores on its platform. The Company has also been selling its products through authorized retail stores all across China, which operate under the brand name of “Love Home Store” or “LHH Store”.  For more information, please visit https://www.1juhao.com/.

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.  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:

Investor Relations:
Janice Wang  
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)                                                                                             
+86 13811768559 (from China)

FAQ

What was the total amount raised in Jowell Global's IPO on March 19, 2021?

Jowell Global raised $26 million in its IPO.

How many shares were issued in Jowell Global's IPO?

Jowell Global issued 3,714,286 ordinary shares in its IPO.

What is the IPO share price for Jowell Global?

The IPO share price for Jowell Global was $7.00 per share.

What date did Jowell Global's shares begin trading on NASDAQ?

Jowell Global's shares began trading on NASDAQ on March 17, 2021.

Who was the lead underwriter for Jowell Global's IPO?

Network 1 Financial Securities acted as the lead underwriter for Jowell Global's IPO.