Addentax Group Corp. Announces Listing on Nasdaq Capital Markets and Closing of $25 Million Common Share Public Offering

0

Shenzhen, China, September 2, 2022 /PRNewswire/ — Addentax Group Corp. (“Addentax” or the “Company”) (NasdaqCM: ATXG), an integrated service provider focused on apparel manufacturing, logistics services, property management and subleasing, and epidemic prevention supplies, has today announced the closing of an underwritten public offering (the “Offer”) of 5,000,000 common shares at a price of $5.00 per share.

The Company’s common stock began trading on the Nasdaq Capital Market under the symbol “ATXG” on August 31, 2022.

The Company received aggregate gross proceeds of $25 million of the Offering, before deduction of subscription discounts and other related costs. In addition, the Company has granted the underwriters an option, exercisable within 45 days of the date of the underwriting agreement, to purchase up to 750,000 additional common shares at a public price, less subscription discounts, to cover over-expenditure, if any.

The Offer was made on the basis of a firm commitment. Network 1 Financial Securities, Inc. is acting as sole bookrunner for the Offering. Loeb & Loeb LLP is acting as advisor to the Company. VCL Law LLP is acting as advisor to the underwriter in connection with the Offer.

A registration statement on Form S-1, as amended (File No. 333-230943) relating to the offering was previously filed with the United States Securities and Exchange Commission (“SEC”) by the Company , then declared effective by the SEC on August 11, 2022. The Offering has been made only by means of a definitive prospectus. A final prospectus relating to the Offering was filed with the SEC on September 1st2022, and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained from Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, New Jersey 07701; To Karen (Huiyun) Mu, Email [email protected] and Adam PasholkE-mail [email protected] or by calling +1 (800) 886-7007.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, and there will be no sale of such 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 territory.

About Addentax Group Corp.

Addentax Group Corp. is an integrated service provider focused on apparel manufacturing, logistics services, property management and subletting, and epidemic prevention supplies. Its apparel manufacturing business consists of sales made primarily to wholesalers located in China. The logistics business consists of delivery and courier services covering 79 cities in seven provinces and two municipalities in China. The property management and subleasing business provides subleasing and store property management services to apparel wholesalers and retailers in the apparel market. The epidemic prevention supplies business involves the manufacture and distribution of epidemic prevention products and the resale of epidemic prevention supplies purchased from third parties in domestic and overseas markets. For more information, visit the Company’s website at https://www.addentax.com/.

Forward-looking statements

All statements other than statements of historical facts in this announcement are forward-looking statements, including, but not limited to, the Offer proposed by the Company. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections regarding future events and financial trends that the Company believes could affect its financial condition, results of operations, strategy business and financial needs, including the expectation that the Offer will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “has intention to”, “plans”, “believes”, “potential”, “continues”, “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to discuss other factors that could affect its future results in the Company’s registration statement and other filings with the SEC.

For more information please contact:

Investor Relations:
Sherry Zheng
Phone: 718-213-7386
E-mail: [email protected]

SOURCE Addentax Group Corp.


Source link

Share.

About Author

Comments are closed.