YanGuFang International Group Co., Ltd. (Nasdaq: YGF), a company focused on healthy food production and research, has recently completed its initial public offering. The offering consisted of 2,000,000 ordinary shares, priced at $4.00 per share. These shares are now trading on The Nasdaq Capital Market under the ticker symbol "YGF."
The company raised a total of $8.0 million in gross proceeds from the offering, before deducting underwriting discounts and expenses. Additionally, the underwriters have been granted a 45-day option to purchase up to an additional 300,000 ordinary shares at the offering price.
The proceeds from the offering will be used for various purposes, including the construction of new production facilities, the purchase of equipment, and upgrades to existing equipment. The funds will also be allocated towards research and development efforts, global business expansion, marketing and brand promotion, as well as working capital and general corporate purposes.
EF Hutton, a division of Benchmark Investments, LLC, acted as the sole book-running manager for the offering. Legal counsel for the company was provided by Ellenoff Grossman & Schole LLP, while Hunter Taubman Fischer & Li LLC served as counsel to EF Hutton.
The offering was made in accordance with a registration statement on Form F-1, which was declared effective by the U.S. Securities and Exchange Commission (SEC) on March 27, 2023. Interested parties can obtain copies of the final prospectus from EF Hutton or through the SEC's website.
It is important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein. Any such sale would need to comply with the securities laws of the relevant state or jurisdiction.
YanGuFang International Group Co., Ltd. is a leading producer and distributor of oat and grain products. The company's extensive product portfolio includes oat and grain series products, as well as oat nutrient and health series products. With over 80 oat products developed to meet consumer demands, the company has established a strong presence in the market.
Forward-looking statements are included in this announcement, and investors are advised to consider the uncertainties and risks associated with these statements. The company encourages investors to review the risk factors outlined in the registration statement and other filings with the SEC. While the company believes its expectations expressed in these statements are reasonable, it cannot guarantee that they will be accurate.
For investor and media inquiries, please contact the YanGuFang International Group Co., Ltd. Investor Relations Department at firstname.lastname@example.org. Alternatively, you can reach out to Ascent Investor Relations LLC, represented by Tina Xiao, at +1 917-609-0333 or email@example.com.