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New York, March 31, 2021 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, is a full-service investment bank and securities broker-dealer firm based in New York, today announced it has exercised in full of its option to purchase an additional 750,000 ordinary shares of the previously announced initial public offering (the "Offering") for its client Universe Pharmaceuticals INC (the “Company”, Nasdaq: UPC), a pharmaceutical producer and distributor in China, during which Univest acted as the underwriter and sole book-running manager. The overallotment was offered at the public offering price of $5.00 per share, resulting in additional gross proceeds of $3.75 million. After giving effect to the full exercise of the over-allotment option, the total number of shares sold by the Company in the Offering increased to 5.75 million shares and gross proceeds increased to $28.75 million. The exercise of the over-allotment option has closed on March 31, 2021.
Proceeds from the Offering will be used for upgrading and expanding the Company’s manufacturing facilities, conducting research and development, branding, advertising and marketing, and for working capital and general corporate purposes.
The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as the underwriter and book-running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Pryor Cashman LLP acted as counsel to Univest Securities, LLC in connection with the Offering.
A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-248067) and was declared effective by the SEC on March 22, 2021. This Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Univest Securities, LLC, by email at IBAssistDesk@univest.us or standard mail to Univest Securities, LLC, Attn: 375 Park Avenue, 15th Floor, New York, NY 10152. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. 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.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.
About Universe Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered in Ji’an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the manufacturing, marketing, sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal of addressing their physical conditions in the aging process and to promote their general well-being. The Company also distributes and sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies. Currently, the Company’s products are sold in 30 provinces of China. For more information, visit the Company’s website at http://www.universe-pharmacy.com/.
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or the future performance of the Company, including: its financial performance and projections; its growth in revenue and earnings; and its business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.
For more information, please contact:
Univest Securities, LLC
Executive Director of Investment Banking
375 Park Avenue #1502
New York, NY 10152
Phone: (212) 343-8888