WORK Medical Technology Group Limited Announces Exercise of Over-Allotment Option
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WORK Medical Technology Group Limited Announces Exercise of Over-Allotment Option
WORK Medical Technology Group LTD (Nasdaq: WOK), a prominent supplier of medical devices in China, has reported a significant development regarding its initial public offering (the "Offering"). The underwriter for the Offering has partially exercised its over-allotment option, resulting in the purchase of an additional 91,942 ordinary shares at the public offering price of US$4.00 per share. This strategic move increases the total number of ordinary shares sold by the Company to 2,091,942, bringing the gross proceeds to approximately $8.37 million before deducting underwriting discounts and offering expenses.
Purpose of the Offering Proceeds
The proceeds from the Offering are designated for several key initiatives crucial for the Company's growth and operational efficiency. These include upgrading production equipment and increasing production capacity, developing a range of masks, other medical consumables, and medical devices, as well as funding product marketing activities. Additionally, part of the proceeds will be allocated towards patent purchases and general working capital to support the Company's overall corporate purposes.
Details of the Offering and Underwriters
The Offering was structured on a "firm commitment" basis, signifying the underwriter's commitment to purchase the offered shares. Kingswood Capital Partners, LLC (“Kingswood”) acted as the sole book running manager for the Offering while Hunter Taubman Fischer & Li LLC and Ortoli Rosenstadt LLP served as legal counsels for the Company and Kingswood, respectively.
Registration Statement and SEC Filing
A registration statement on Form F-1 related to the Offering was duly filed with the U.S. Securities and Exchange Commission (the “SEC”). This document, identified as File Number: 333-271474, was declared effective by the SEC. It is important to note that the Offering was conducted solely through a prospectus that forms part of the registration statement. Interested parties can obtain copies of the final prospectus through Kingswood's office.
About WORK Medical Technology Group LTD
WORK Medical Technology Group LTD is recognized for its commitment to developing and manufacturing Class I and II medical devices. The Company operates through subsidiaries in China, with a diverse product portfolio that includes 21 different products such as customized and multifunctional masks along with various other medical consumables. The Company's products have been distributed across 34 provincial-level administrative regions in China and are being sold in more than 30 countries worldwide.
Quality and Regulatory Approvals
WORK Medical Technology Group has obtained multiple quality-related manufacturing designations, and notably, 17 of its products are registered with the U.S. Food and Drug Administration (FDA). This enables the Company to offer its products in the competitive U.S. market, underscoring its commitment to quality and regulatory compliance.
Contact Information
For further inquiries, please reach out to the Investor Relations Department of WORK Medical Technology Group LTD via email. The Company is dedicated to maintaining transparency and communication with its stakeholders.
WORK Medical Technology Group LTD
Investor Relations Department
Email: ir@workmedtech.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
Frequently Asked Questions
What is the main announcement from WORK Medical Technology Group LTD?
WORK Medical Technology Group LTD announced the partial exercise of its underwriters’ over-allotment option, leading to the sale of additional ordinary shares.
How much proceeds did the Company raise from the Offering?
The Offering raised a total of approximately $8.37 million, increasing the overall shares sold to 2,091,942 ordinary shares.
What will the proceeds from the Offering be used for?
The proceeds will be utilized for upgrading production facilities, developing new medical devices, marketing efforts, patent purchases, and general corporate purposes.
Who managed the Offering?
Kingswood Capital Partners, LLC was the sole book running manager for the Offering.
Where can one find more information about WORK Medical Technology Group's products?
For more details on the products, please visit the Company’s official website.
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