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Hangzhou, CHINA, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Webus International Limited (the “Company”) (NASDAQ: WETO), a leading provider of AI-driven mobility solutions specializing in premium, customizable chauffeur services worldwide, today announced the closing of its initial public offering (the “Offering”) of 2,000,000 ordinary shares (the “Ordinary Shares”) at a public offering price of $4.00 per share (the “Offering Price”) to the public.
The Company's Ordinary Shares began trading on the Nasdaq Capital Market on February 27, 2025, under the ticker symbol “WETO.”
The Company received aggregate gross proceeds of $8,000,000 from the Offering, before deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 Ordinary Shares at the Offering Price, representing 15% of the Ordinary Shares sold in the Offering (the “Over-allotment”).
Assuming that the Over-allotment is exercised, the Company is expected to receive gross proceeds amounting to $9.2 million before deducting underwriting discounts and commissions and estimated offering expenses.
Alexander Capital, L.P. acted as sole bookrunner and co-lead underwriter, Network 1 Financial Securities, Inc. acted as co-lead underwriter and R.F. Lafferty & Co., Inc. acted as co-managing underwriter. VCL Law LLP acted as U.S. securities counsel to the Company, and Loeb & Loeb LLP acted as U.S. securities counsel to the underwriters in connection with the Offering. Ogier (Cayman) LLP acted as counsel to the Company as to Cayman Islands law, and Allbright Law Offices acted as counsel to the Company as to PRC law.
A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-269684), as amended, and was declared effective by the SEC on February 26, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. A copy of the final prospectus relating to the Offering may be obtained from Alexander Capital L.P., 10 Drs James Parker Boulevard #202, Red Bank, New Jersey 07701, Attention: Equity Capital Markets, or by calling (212) 687-5650 or emailing info@alexandercapitallp.com or by logging on to the SEC’s website at www.sec.gov.
This press release has been prepared for informational purposes only and shall 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 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 other jurisdiction.