Kingswood Capital Partners Closes $8 Million IPO for WORK MedTech
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Kingswood Capital Partners Closes $8 Million IPO for WORK Medical Technology Group
New York, Kingswood Capital Partners, LLC today announced the closing of an initial public offering of 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share for its client WORK Medical Technology Group LTD. (Nasdaq: WOK), a leading supplier of medical devices. The ordinary shares began trading under the ticker symbol "WOK."
Gross Proceeds from the Offering
The gross proceeds of the Offering were approximately US$8.00 million, which will assist the Company in various growth strategies.
Utilization of Offering Proceeds
Proceeds from the Offering are earmarked for crucial improvements including: upgrading production equipment, increasing production capacity, developing new medical consumables, executing effective product marketing strategies, purchasing patents, and general working capital purposes. This financial boost positions WORK Medical Technology Group to enhance its operational capabilities significantly.
Key Players in the Offering
The Offering was conducted on a firm commitment basis with Kingswood Capital Partners, LLC acting as the sole book running manager. Notably, Hunter Taubman Fischer & Li LLC served as U.S. legal counsel for the Company, while Ortoli Rosenstadt LLP provided legal counsel for Kingswood during the Offering.
Regulatory Framework for the Offering
A registration statement on Form F-1 related to the Offering has been filed with the U.S. Securities and Exchange Commission (SEC) and was declared effective recently. The Offering materials were distributed solely via a prospectus that forms part of this registration statement, ensuring compliance with regulations.
Acquisition of the Final Prospectus
Entities or individuals interested in the final prospectus of the Offering can obtain it directly from Kingswood. Company representatives are available by telephone or via email for any inquiries.
Company Overview of WORK Medical Technology Group
WORK Medical Technology Group LTD stands out in the medical device sector, specializing in the development and manufacture of Class I and II medical devices. Their expansive portfolio consists of over 21 products, which include innovative multifunctional masks and other medical consumables designed to meet a wide range of healthcare needs.
Quality and Compliance
All of WORK Medical Technology's products have been successfully sold across 34 provincial-level regions. Moreover, many have received approval and registration from the U.S. Food and Drug Administration, allowing them entry into the U.S. market. This compliance underscores their commitment to quality and regulatory adherence.
About Kingswood Capital Partners
Kingswood, part of the Kingswood Group, operates as a network of wealth management firms that support the independent financial advisor. With over $14 billion in assets under management and support for 400 registered individuals, Kingswood combines extensive resources with a personalized service approach.
Contact Information
The media can reach Kingswood Capital Partners through Ryan Sabet, who is the Director of Acquisition, Recruitment & Strategic Initiatives. His direct line is available for inquiries and provides an avenue for media engagement.
Frequently Asked Questions
What is the purpose of the recent IPO announced by Kingswood?
The IPO aims to raise capital for WORK Medical Technology Group to enhance their production capabilities and expand their product offerings.
How many shares were offered in the IPO?
A total of 2,000,000 ordinary shares were offered at a price of US$4.00 each.
What will the proceeds from the IPO be used for?
The proceeds are intended for upgrading production equipment, developing new medical devices, marketing efforts, patent purchases, and overall corporate purposes.
What is the significance of the ticker symbol 'WOK'?
The ticker symbol 'WOK' represents WORK Medical Technology Group, which trades publicly following the successful IPO.
Who were the legal representatives for the Offering?
Hunter Taubman Fischer & Li LLC acted as U.S. counsel for WORK Medical Technology Group, while Ortoli Rosenstadt LLP provided counsel for Kingswood during the Offering.
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