Jin Medical International Ltd. Announces Closing of $8,000,000 Initial Public Offering
30 Mars 2023 - 4:18PM
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 closing 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. In addition, 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 closed on March 30, 2023 and the Ordinary Shares began
trading on March 28, 2023 on The Nasdaq Capital Market under the
ticker symbol "ZJYL".
Prime Number Capital, LLC acted as the sole
bookrunner for the Offering. SBI China Capital Financial Services
Limited acted as the co-manager for the Offering. Hunter Taubman
Fischer & Li LLC acted as counsel to the Company, and Kaufman
& Canoles, P.C. acted 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. 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:UnderwritersPrime Number
Capital LLCMs. Xiaoyan Jiang,
ChairwomanEmail:xj@pncps.comPhone: 516-582-9666
Investor RelationsWealth Financial
Services LLCJanice WangEmail:
services@wealthfsllc.comPhone: +86 13811768599+1 628 283 9214
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