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Jiangyin, China, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Li Bang International Corporation Inc. (Nasdaq: LBGJ) (the “Company” or “Li Bang”), a company engaged in designing, developing, producing, and selling stainless steel commercial kitchen equipment in China, today announced the underwriters of its initial public offering (the "Offering") have exercised their over-allotment option in full to purchase an additional 228,000 ordinary shares at the public offering price of US$4.00 per share, resulting in additional gross proceeds of $912,000. After giving effect to the full exercise of the over-allotment option, the total number of ordinary shares sold by the Company in the public offering increased to 1,748,000 ordinary shares and the gross proceeds increased to approximately US$6.992 million, before deducting underwriter discounts and other related expenses. The option closing date was November 14, 2024. The ordinary shares began trading on the Nasdaq Capital Market on October 23, 2024, under the ticker symbol "LBGJ."
Proceeds from the Offering will be used for plant construction, equipment procurement, advertising and marketing, research and development, and general working capital.
The Offering was conducted on a firm commitment basis. Craft Capital Management LLC acted as the representative of the underwriters, with D. Boral Capital LLC (formerly known as EF Hutton LLC) acted as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP acted as the U.S. counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as the U.S. counsel to the Underwriters in connection with the Offering.
A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (the “SEC”) (File Number: 333-262367), as amended, and was declared effective by the SEC on September 30, 2024. The Offering was made only by means of a prospectus forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Craft Capital Management LLC at 377 Oak St, Lower Concourse, Garden City, NY 11530, or via email at info@craftcm.com, or telephone at (800) 550-8411; or from D. Boral Capital LLC (formerly known as EF Hutton LLC) at 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@dboralcapital.com, or telephone at (212) 970-5150. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s 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 such state or jurisdiction.