NANPING, China, Oct. 25, 2019 /PRNewswire/ -- Happiness Biotech
Group Limited (the "Company"), an innovative China-based nutraceutical and dietary
supplements producer, announced
today the pricing of a U.S. underwritten initial public
offering ("Offering") of 2,000,000 ordinary shares at a price to
the public of $5.50 per share. The
ordinary shares have been approved for listing on the Nasdaq
Capital Market and are expected to commence trading on October 25, 2019 under the ticker symbol
"HAPP."
The Company expects to receive aggregate gross proceeds of
$11 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 underwriting discounts. The
Offering is expected to close on or about October 29, 2019, subject to customary closing
conditions.
Proceeds from the Offering will be used to increase the number
of experience stores, to build the Lucidum breeding base,
research and development, marketing expenses and working
capital.
The Offering is being conducted on a firm commitment basis.
Univest Securities, LLC. is acting as the lead
underwriter, Aegis Capital Corp.,
Newbridge Securities Corporation, WestPark Capital, Inc., and
Zinvest Global Limited are acting as co-managers for the
Offering. Hunter Taubman Fischer
& Li LLC acted as counsel to the Company, and Ortoli Rosenstadt
LLP acted as counsel to the underwriters in connection with the
Offering.
A registration statement on Form F-1 relating to this U.S.
offering was filed with the Securities and Exchange Commission
("SEC") and was declared effective by the SEC as of October 10, 2019.The offering of these securities
is being made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the U.S. offering may be obtained from Univest Securities, LLC, 375
Park Avenue, Unit 1502, New York,
NY 10152, by telephone at +1 212 343 8888 or email at
info@univest.us. 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 does 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 offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Happiness Biotech Group Limited.
Headquartered in Nanping, China, Happiness Biotech Group Limited is
an innovative China-based
nutraceutical and dietary supplements producer focused on the
research, development, manufacturing and marketing of a variety of
products made from Chinese herbal extracts and other ingredients.
The Company's goal is to provide high-quality products to our
consumers. Over the past 14 years, the Company has established a
product portfolio consisting of 32 SFDA registered "Blue-Cap" SKUs
of nutraceutical and dietary supplements products. For more
information, please visit: www.fjxfl.com.
About Univest Securities, LLC.
Registered with FINRA since 1994, Univest Securities, LLC
provides a wide variety of financial services to its institutional
and retail clients globally including brokerage and execution
services, sales and trading, market making, investment banking and
advisory, wealth management. It strives to provide clients with
value-add service and focuses on building long-term relationship
with its clients. For more information, please visit:
www.univest.us.
Forward-Looking Statements
This announcement contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's proposed
Offering. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update 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 in its
other filings with the SEC.
For more information, please contact:
Univest Securities, LLC
Edric Guo, COO
Phone:
+1-212-343-8888
Email: yguo@univest.us
Ascent Investor Relations LLC
Tina Xiao, President
Phone:
+1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Happiness Biotech Group Limited