WEIFANG, China, March 31, 2023 (GLOBE NEWSWIRE) – Hongli Group Inc. The (“Company”) (NASDAQ: HLP) today announced that it has closed its 2,062,500 shares of common stock (the “Offer”) in an initial public offering. (the “Offer” of the “Common Shares”) at a public offering price of US$4 per share with gross proceeds of US$8.25 million before underwriting discounts and offering costs. The company is a holding company that, through a series of contractual arrangements, consolidates the financial results of Shandong Hongli Shaped Tube Co., Ltd. and its subsidiaries, one of the leading manufacturers of cold rolled steel profiles in China. professional industry association China Cold According to the bending department of the steel industry, product functional innovation, productivity improvement and customization.
This proposal is made with strong commitment. In addition, the company has granted the underwriters an option that is exercisable within 45 days of the effective date of the Company Registration Form F-1 (File No. 333-261945) as amended in connection with the offer (the “). ”) to purchase up to 309,375 shares of common stock at the offering price less underwriting discounts and commissions to cover reallocations, if any. The offer ended on March 31, 2023, and on March 29, 2023, the common shares began trading on the Nasdaq Capital Market under the ticker “HLP”.
EF Hutton, a division of Benchmark Investments, LLC, acted as sole accounting manager for the placement. Robinson & Cole LLP acted as the company’s US securities advisor and Nelson Mullins Riley & Scarborough LLP acted as the underwriter’s legal counsel. East & Concord Partners acted as a legal advisor to the company in China. ARC Group Limited acted as financial advisor to the Company.
The registration application was filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC on March 28, 2023. The placement is made only through the prospectus. A copy of the final prospectus in connection with this proposal may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or email syndicate@efhuttongroup.com, or call (212) 404- 7002. In addition, a copy of the prospectus relating to this proposal is available on the SEC website at www.sec.gov.
This press release does not constitute an offer to sell or an offer to purchase the securities described herein, nor may any sale of those securities be made in any state or jurisdiction in which such offer, solicitation or sale was previously illegal for registration. or comply with the securities laws of any such state or jurisdiction.
Hongli Group Inc. – a holding company of the Cayman Islands, which does not have separate operations. Through a series of contractual arrangements, the Company has consolidated the financial results of Shandong Hongli Shaped Tube Co., Ltd. and its subsidiaries (collectively referred to as “VIE”). VIE is one of the leading manufacturers of cold rolled steel profiles with operating subsidiaries in China. VIE designs, manufactures and manufactures cold rolled steel sections for machinery and equipment in a variety of industries including but not limited to mining, construction, agriculture and transportation. With a history of more than 20 years, VIE has customers in more than 30 cities in China and has established a global network with Korea, Japan, the United States and Sweden. Currently, VIE has 11 cold rolling lines producing profile products in various materials, sizes and shapes.
This press release contains forward-looking statements. Forward-looking statements include statements about plans, objectives, objectives, strategies, future events or results of operations, as well as statements other than their underlying assumptions and statements of historical fact. When the Company uses expressions such as “may”, “will”, “intends”, “should”, “believes”, “anticipates”, “anticipates”, “projects”, “evaluates”, “continues” or similar expressions do not only Referring only to historical issues, he makes a forward-looking statement. Forward-looking statements are not guarantees of future results and are subject to risks and uncertainties that could cause 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, uncertainties related to market conditions and other factors described in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among other things, investors are cautioned not to place undue reliance on any of the forward-looking statements in this press release. Additional factors are discussed in company filings with the Securities and Exchange Commission, which are available at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date of their publication.
Post time: Apr-19-2023