HONG
KONG, Feb. 26, 2025 /PRNewswire/ -- Intelligent
Living Application Group Inc. (NASDAQ: ILAG) ("Intelligent Living"
or the "Company"), a premium lockset manufacturer in Hong Kong, today announced the pricing of its
"best efforts" public offering of 1,034,483 ordinary shares of the
Company at a public offering price of $0.58 per share. Total gross proceeds from the
offering, before deducting the placement agent's fees and other
offering expenses, are expected to be approximately $600,000. The offering is expected to close on
February 27, 2025, subject to the
satisfaction of customary closing conditions.
Craft Capital Management LLC is acting as sole placement agent
for the offering.
The Company intends to use the net proceeds from the offering
for general corporate purposes, capital expenditures, working
capital and general and administrative expenses.
A shelf registration statement on Form F-3 (Registration No.
333-274495) relating to the public offering of the securities
described above was previously filed with the Securities and
Exchange Commission (SEC) and declared effective on December 4, 2023. A preliminary prospectus
supplement and accompanying prospectus relating to the underwritten
public offering was filed with the SEC and are available on the
SEC's website at www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying prospectus relating to the offering may
be obtained from Craft Capital Management, 377 Oak St., Lower
Concourse, Garden City, NY 11530,
Attention: Syndicate Dept.; email: info@craftcm.com
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About Intelligent Living Application Group Inc.
Intelligent Living Application Group Inc. is a premium lockset
manufacturer and distributor headquartered in Hong Kong. Intelligent Living manufactures and
sells high quality mechanical locksets to customers mainly in
the United States and Canada and has continued to diversify and
refine its product offerings in the past 40 years to meet its
customers' needs. Intelligent Living obtained the ISO9001 quality
assurance certificate and various accredited quality and safety
certificates including American National Standards Institute (ANSI)
Grade 2 and Grade 3 standards that are developed by the Builders
Hardware Manufacturing Association (BHMA) for ANSI. Intelligent
Living keeps investing in self-designed automated product lines,
new craftsmanship and developing new products including smart
locks. For more information, visit the Company's website
at http://www.i-l-a-g.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. 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. 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, except as may be 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 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,
which are available for review at www.sec.gov.
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SOURCE Intelligent Living Application Group Inc.
