Top KingWin Ltd Announces Closing of $11 Million Initial Public Offering

Rhea-AI Summary

Top KingWin Ltd (Nasdaq: TCJH), a capital market education provider, successfully closed its initial public offering on April 20, 2023. The offering involved the sale of 2,750,000 Class A ordinary shares at a public price of $4.00 per share, generating $11 million in gross proceeds. Trading commenced on April 18, 2023. The company plans to use the net proceeds for various strategic initiatives, including

• personnel training
• system improvements
• brand enhancement
• mergers and acquisitions
• general corporate purposes

. An underwriter has a 45-day option to purchase an additional 412,500 shares at the offering price. This offering was conducted on a firm commitment basis.

Positive

• Raised $11 million in gross proceeds from the IPO.
• Plans to utilize funds for personnel training, system improvements, and acquisitions.

Negative

• Potential dilution of existing shares if the underwriter's option is exercised.

GUANGZHOU, China, April 20, 2023 /PRNewswire/ -- Top KingWin Ltd ("Top KingWin" or the "Company") (Nasdaq: TCJH), a provider of capital market related education and support services, as well as advisory and transaction services in China, today announced the closing of its initial public offering of 2,750,000 Class A ordinary shares at a public offering price of $4.00 per share. The Class A ordinary shares began trading on The Nasdaq Capital Market under the ticker symbol "TCJH" on April 18, 2023.

The Company received total gross proceeds of $11 million from the offering, before deducting underwriting discounts and other related expenses payable by the Company. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 412,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions.

The Company intends to use the net proceeds from the offering for: i) personnel training and recruitment of talented personnel; ii) system improvement, building online platforms for future online courses; iii) enhancement of brand recognition through multi-channel marketing; iv) mergers and acquisitions within the industry; and v) general corporate purposes and working capital.

The offering was conducted on a firm commitment basis. Univest Securities, LLC acted as book runner for the offering. Pacific Century Securities, LLC and AC Sunshine Securities LLC acted as co-managers for the offering. Robinson & Cole LLP acted as U.S. counsel to the Company. Olshan Frome Wolosky LLP acted as U.S. counsel to the underwriters. Jingtian & Gongcheng acted as PRC counsel to the Company.

A registration statement on Form F-1, as amended (File No.333-269290), relating to the offering was filed with the Securities and Exchange Commission ("SEC") by the Company and declared effective by the SEC on March 29, 2023. The offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the offering may be obtained, when available, from Univest Securities, LLC, by standard mail to Univest Securities, LLC, 75 Rockefeller Plaza Suite 1838, New York, NY 10019, or by email at info@univest.us.

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 Top KingWin Ltd

Top KingWin's main clients are entrepreneurs and executives in small and medium-sized enterprises in China. Services provided by Top KingWin to its clients including (i) corporate business training services, which mainly focus on providing training services of advanced knowledge and new perspectives on the capital markets, (ii) corporate consulting services, which mainly focus on providing a combination of customized corporate consulting services to fulfill client's unique financial needs, and (iii) advisory and transaction services, which mainly focus on connecting entrepreneurs and businesses with diversified sources of capital. Its mission is to provide comprehensive services to address clients' needs throughout all phases of their development and growth.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, the use of proceeds from the Company's offering, the intent, belief or current expectations of Top KingWin and members of its management, as well as the assumptions on which such statements are based. 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. 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
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com

Underwriter Inquiries:
Univest Securities, LLC
Edric Guo, Chief Executive Officer
75 Rockefeller Plaza, Suite 1838
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us

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SOURCE Top Kingwin Ltd

FAQ

What was the public offering price for Top KingWin shares?

The public offering price for Top KingWin shares was $4.00 per share.

How much did Top KingWin raise from the IPO?

Top KingWin raised $11 million in gross proceeds from the IPO.

What is the ticker symbol for Top KingWin?

The ticker symbol for Top KingWin is TCJH.

When did Top KingWin start trading on Nasdaq?

Top KingWin started trading on Nasdaq on April 18, 2023.

What will the proceeds from Top KingWin's IPO be used for?

The proceeds will be used for personnel training, system improvements, brand enhancement, mergers and acquisitions, and general corporate purposes.