Shanghai, China, March 30, 2023 (GLOBE NEWSWIRE) -- 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 firstname.lastname@example.org 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/.
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 Department
Ascent Investor Relations LLC
Phone: +1 917-609-0333