Quality Industrial Corp. Files Amended S-1 Registration Statement in a Firm Commitment Public Offering and Concurrent NYSE American Listing

Rhea-AI Summary

Quality Industrial Corp. (QIND) files amended S-1 Registration Statement for public offering and concurrent NYSE American listing, reducing gross proceeds to $3.5 million. The company is revising payment terms for the acquisition of Quality International, affecting the S-1 effectiveness and reducing dilution. The amended S-1 includes independent valuation and audit reports.

SAN FRANCISCO, CA / ACCESSWIRE / December 7, 2023 / Quality Industrial Corp. (OTC PINK:QIND), is a Manufacturer of equipment and infrastructure for the Industrial and Energy sectors. Today the company filed an amended S-1 Registration Statement for the sale of its common stock in a firm commitment public offering and concurrent NYSE American listing. The amended offering shall be for the amount of gross proceeds of up to $3.5 million.

As described in the S-1/A, QIND is in the process of revising the terms of its ongoing payment tranche obligations for the acquisition of Quality International. While the revised payment terms are being agreed, the company has filed its amended S-1 for the purpose of disclosure and progress towards the clearance of SEC comments. Clearance of comments and the corresponding date of S-1 effectiveness affects the terms to be agreed in the revised payment arrangements.

QIND's original S-1 filing contained an offering for an amount of gross proceeds of up to $7 million which has since been reduced to $3.5 million, therefore reducing dilution. Further the company will amend the S-1 to include its engaged Investment Bank once the structure and timeframe of the revised payment arrangements with Quality International are finalized.

The S-1/A now includes the independent valuation report of Quality International by Kreston Menon, a division of Kreston Global, which was obtained by QIND. The amended S-1 also includes the audit reports of Quality International by Ernst & Young and Deloitte for 2020 and 2021 respectively. These aforementioned reports have been filed as exhibits to the S-1/A.

This Press Release does not constitute an offer of any securities for sale.

FORWARD-LOOKING STATEMENTS

This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.

CONTACT

Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor site: https://qualityindustrialcorp.com
Twitter: @QualityIndCorp @ILUS_INTL

SOURCE: Quality Industrial Corp.

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https://www.accesswire.com/814292/quality-industrial-corp-files-amended-s-1-registration-statement-in-a-firm-commitment-public-offering-and-concurrent-nyse-american-listing

FAQ

What did Quality Industrial Corp. (QIND) file recently?

QIND filed an amended S-1 Registration Statement for a public offering and concurrent NYSE American listing.

How much are the gross proceeds for the offering in the amended S-1?

The amended offering is for the amount of gross proceeds of up to $3.5 million.

What is the company revising in the payment terms for the acquisition of Quality International?

The company is revising the terms of its ongoing payment tranche obligations for the acquisition of Quality International, affecting the S-1 effectiveness and reducing dilution.

What reports are included in the amended S-1?

The amended S-1 includes the independent valuation report of Quality International by Kreston Menon and audit reports of Quality International by Ernst & Young and Deloitte for 2020 and 2021 respectively.

Does the press release constitute an offer of any securities for sale?

No, this Press Release does not constitute an offer of any securities for sale.