YanGuFang International Group Co., Ltd. (YGF), a healthy food company primarily engaging in the production, research and development, and sales of oat and grain products, 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 share. 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 “YGF.”
The Company expects to receive aggregate gross proceeds of US$8.0 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 ordinary shares at the public offering price, less the underwriting discounts. The Offering is expected to close on March 30, 2023, subject to satisfaction of customary closing conditions.
Proceeds from the Offering will be used for (i) the construction of additional production facilities, purchase of new equipment and upgrades of existing equipment; (ii) the research and development (“R&D”) of new products and technologies, upgrades of existing products and technologies, new hires of R&D staff; (iii) global business expansion, primarily to North America, South East Asia and Japan; (iv) marketing and brands promotion; and (v) working capital and other general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), is acting as sole book-running manager for the Offering. Ellenoff Grossman & Schole LLP is acting as counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as counsel to EF Hutton in connection with the Offering.
A registration statement on Form F-1 relating to the Offering, as amended, was filed with the Securities and Exchange Commission (the “SEC”) (File Number: 333-266607) and was declared effective by the SEC on March 27, 2023. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.