WORK Medical Technology Group LTD IPO Pricing Announcement
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WORK Medical Technology Group LTD Announces Pricing of Initial Public Offering
WORK Medical Technology Group LTD (the "Company"), a supplier of medical devices, today announced the pricing of its initial public offering (the "Offering") of 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading under the ticker symbol "WOK."
Details of the Offering
The Company anticipates receiving aggregate gross proceeds of US$8.00 million from the Offering, before deducting underwriting discounts and related expenses. Furthermore, the Company has granted the underwriters a 45-day option to purchase an additional 300,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about the deadline, subject to customary closing conditions.
Utilization of Proceeds
Proceeds from the Offering are set to be allocated towards various key initiatives, including: (i) upgrading production equipment and increasing production capacity, (ii) the development of masks, other medical consumables, and medical devices, (iii) product marketing efforts, (iv) patent purchases, and (v) working capital and other general corporate purposes.
Underwriters and Legal Counsel
This Offering is being conducted on a “firm commitment” basis, with Kingswood Capital Partners, LLC acting as the sole book-running manager. Hunter Taubman Fischer & Li LLC serves as U.S. counsel to the Company, while Ortoli Rosenstadt LLP acts as U.S. counsel to Kingswood for this Offering.
Registration Statement and Prospectus
A registration statement relating to the Offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective. The Offering is being made solely via a prospectus that forms part of the registration statement. Interested parties can obtain copies of the prospectus through Kingswood.
Contact Information for Prospectus
Prospective investors can reach Kingswood via email or telephone for further details regarding the Offering.
About WORK Medical Technology Group LTD
WORK Medical Technology Group LTD specializes in the supply and manufacture of Class I and II medical devices. The Company has a versatile product range, including customized multifunctional masks. Its products are sold across 34 regions and in over 30 countries, enhancing its global presence. Additionally, the Company has received several quality-related certifications and has 17 products registered with the U.S. Food and Drug Administration, facilitating entry into the U.S. market.
Investor Relations and Further Information
For more information regarding the Company and its initiatives, interested parties may contact:
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 offering price of WORK Medical Technology Group LTD's shares?
The shares are priced at US$4.00 each.
How many shares are being offered in the IPO?
2,000,000 ordinary shares are being offered in the initial public offering.
What will the proceeds from the public offering be used for?
Proceeds will be used for equipment upgrades, product development, marketing, patent purchases, and working capital.
Who is managing the public offering?
Kingswood Capital Partners, LLC is the sole book-running manager for the Offering.
What is the anticipated closing date for the Offering?
The Offering is expected to close on or around the specified date, subject to customary closing conditions.
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