Jin Medical International Ltd. Announces Pricing of $8,000,000 Initial Public Offering
28 Mars 2023 - 4:25AM
Jin Medical International Ltd. (the "Company" or “JinMed”) (NASDAQ:
ZJYL), a Cayman Islands holding company with Chinese operating
entities that manufacture and develop wheelchairs and living aids
products, today announced the pricing of its initial public
offering (the "Offering") of 1,000,000 ordinary shares (the
"Ordinary Shares") at a public offering price of $8.00 per share
for total gross proceeds of $8,000,000, before deducting
underwriting discounts and offering expenses. The Ordinary Shares
have been approved for listing on The Nasdaq Capital Market and are
expected to commence trading on March 28, 2023, under the ticker
symbol "ZJYL".
The Company has granted the underwriters an
option, within 45 days from the closing date of the Offering, to
purchase up to an additional 150,000 Ordinary Shares at the public
offering price, less underwriting discounts, to cover
over-allotment, if any.
The Offering is expected to close on March 30,
2023, subject to customary closing conditions.
Prime Number Capital, LLC is acting as the sole
bookrunner for the Offering. SBI China Capital Financial Services
Limited is acting as the co-manager for the Offering. Hunter
Taubman Fischer & Li LLC is acting as counsel to the Company,
and Kaufman & Canoles, P.C. is acting as counsel to the
underwriters.
The Company intends to use the proceeds from
this Offering for i) research and development activities, including
expanding its research and development team, improving existing
products’ engineering and developing new products; ii) promotion
and marketing activities, including the development, operations,
and marketing of Company’s online platform; iii) increasing
production capacities, including expanding and upgrading production
lines and facilities; iv) acquiring upstream and downstream
companies manufacturing wheelchairs and living aids products,
including parts manufacturers; and v) general corporate
purposes.
A registration statement on Form F-1 (File No.
333-259767) relating to the Offering, as amended, has been filed
with the Securities and Exchange Commission (the "SEC") and was
declared effective by the SEC on March 27, 2023. The Offering is
being made only by means of a prospectus. Copies of the final
prospectus related to the Offering may be obtained, when available,
from Prime Number Capital, LLC by email at info@pncps.com or via
standard mail to Prime Number Capital, LLC, Prospectus Department,
14 Myrtle Drive, Great Neck, NY 11021. In addition, a copy of the
final prospectus can also be obtained via the SEC's website at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these 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 any such state or jurisdiction.
About Jin Medical International
Ltd.
Founded in 2006 and headquartered at Changzhou
City, Jiangsu Province of China, the Company, through its Chinese
operating entities, designs and manufactures wheelchairs and living
aids products for people with disabilities, the elderly, and people
recovering from injuries. The Company’s Chinese operating entities
operate 2 manufacturing plants with approximately 228,257 square
feet in the aggregate in Changzhou City and Taizhou City, Jiangsu
Province, China. The Company’s Chinese operating entities have
established relationships with over 40 distributors in China, and
over 20 in the other regions of the world where it currently sells
the products. The majority of its wheelchair products, with more
than 30 models, are sold to dealers in Japan and China, including
Nissin Medical Industries Co., Ltd, one of the largest medical
device distributors in Japan. The Company’s Chinese operating
entities own 106 patents and are in the process of registering 22
additional patents with the Patent Administration Department of the
People’s Republic of China and continuously deliver innovative
wheelchair designs that are both lightweight and ergonomic each
year. For more information, please visit:
http://www.zhjmedical.com.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as "may, "will, "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. These forward-looking statements
include, without limitation, the Company's statements regarding the
expected trading of its Ordinary Shares on the Nasdaq Capital
Market and the closing of the Offering. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Underwriters
Prime Number Capital LLC
Ms. Xiaoyan Jiang, Chairwoman
Email:xj@pncps.com
Phone: 516-582-9666
Investor Relations
Wealth Financial Services LLC
Janice Wang
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
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