YanGuFang International Group Co., Ltd. Announces Closing of Initial Public Offering
30 Marzo 2023 - 10:10PM
YanGuFang International Group Co., Ltd. (Nasdaq: YGF) (the
“Company”), a healthy food company primarily engaging in the
production, research and development, and sales of oat and grain
products, today announced the closing of its initial public
offering (the “Offering”) of 2,000,000 ordinary shares at a public
offering price of US$4.00 per share. The ordinary shares began
trading on The Nasdaq Capital Market on March 28, 2023 under the
ticker symbol "YGF."
The Company received aggregate gross proceeds
of US$8.0 million from the Offering, before deducting
underwriting discounts and other related 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 public offering
price, less underwriting discounts.
Proceeds from the Offering will be used for (i)
the construction of additional production facilities, purchase of
new equipment and upgrades of existing equipment; (ii) the research
and development (“R&D”) of new products and technologies,
upgrades of existing products and technologies, new hires of
R&D staff; (iii) global business expansion, primarily to North
America, South East Asia and Japan; (iv) marketing and brands
promotion; and (v) working capital and other general corporate
purposes.
EF Hutton, division of Benchmark Investments,
LLC (“EF Hutton”), acted as sole book-running manager for the
Offering. Ellenoff Grossman & Schole LLP acted as counsel to
the Company, and Hunter Taubman Fischer & Li LLC acted as
counsel to EF Hutton in connection with the Offering.
A registration statement on Form F-1 (File No.
333-266607) related to the Offering has been filed with the U.S.
Securities and Exchange Commission (the “SEC”) and was declared
effective by the SEC on March 27, 2023. The Offering was made only
by means of a prospectus forming a part of the effective
registration statement. Copies of the final prospectus relating to
the Offering may be obtained from EF Hutton, Attn: Syndicate
Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or
via email at syndicate@efhuttongroup.com or telephone at (212)
404-7002. In addition, a copy 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 a 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 an offer, solicitation,
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About YanGuFang
International Group Co., Ltd.
YanGuFang International Group Co., Ltd. is
primarily engaged in the production, research and development, and
sales of oat and grain products through its massive sales and
distribution network. The Company’s commitment to oats has resulted
in core technical advancements that enable it to unlock the breadth
of its product portfolio, which is broadly categorized into oat and
grain series products and oat nutrient and health series products.
The Company has developed over 80 oat products for its oat and
grain series and oat nutrient and health series to meet the
diversified demands of consumers. For more information, visit the
Company’s website at http://ir.ygfang.com/.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. Investors 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,” “potential,” “continue” or
other similar expressions. These statements are subject to
uncertainties and risks including, but not limited to, the risk
factors discussed in the “Risk Factors” section of the registration
statement for the Offering filed with the SEC. 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 other filings with the SEC. 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 update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations that arise after the date hereof,
except as may be required by law.
For investor and media inquiries please
contact:
YanGuFang International Group Co.,
Ltd.Investor Relations DepartmentEmail:
ir@yangufang.com
Ascent Investor Relations LLCTina XiaoPhone: +1
917-609-0333Email: tina.xiao@ascent-ir.com
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