ECMOHO Limited Announces Closing of US$9 Million Underwritten Public Offering of American Depositary Shares
August 05 2021 - 12:26PM
ECMOHO Limited (Nasdaq: MOHO) (“ECMOHO” or the “Company”), an
integrated solutions provider in the health and wellness market in
China, today announced the closing of an underwritten public
offering of 10 million American Depositary Shares ("ADSs") at an
offering price of US$0.90 per ADS for gross proceeds to the Company
of US$9 million, before deducting underwriting discounts and
commissions and other estimated offering expenses payable by the
Company, and assuming the underwriter does not exercise the option
to purchase additional ADSs. Each ADS represents four Class A
ordinary shares of the Company. The Company intends to use the net
proceeds from this offering for investment in its SaaS platform,
working capital and general corporate purposes.
The Company has also granted the underwriter a
45-day option to purchase up to an additional approximately 12.8%
of the number of American Depositary Shares offered in the public
offering to cover over-allotments, if any, which would increase the
total gross proceeds of the offering to approximately US$10.2
million, if the over-allotment option is exercised in full.
Aegis Capital Corp. acted as the sole
book-running manager for the offering.
This offering was made pursuant to an effective
shelf registration statement on Form F-3 (No. 333-257200)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective by the SEC on July 6, 2021. A
final prospectus supplement and accompanying prospectus describing
the terms of the offering has been filed with the SEC and is
available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the final prospectus supplement and the
accompanying prospectus may be obtained by contacting Aegis Capital
Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor,
New York, NY 10019, by email at syndicate@aegiscap.com, or by
telephone at (212) 813-1010.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy 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 ECMOHO Ltd.
ECMOHO is an integrated solutions provider in
the health and wellness market in China, which curates and sells
global brands and quality products to Chinese health-conscious
consumers. Leveraging its technology, network and expertise in
marketing and distribution, ECMOHO connects families with advanced
health supplements, nutrition and food items, personal care
products, household healthcare equipment and other wellness
products. Through over ten years of operation, ECMOHO has
established an ecosystem of trusted products and relationships to
provide customized solutions which promote health regeneration,
impart therapeutic benefits, and increase longevity to devoted
consumers to sustain health. For more information, please visit
http://ir.ecmoho.com/.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “target,” “going forward,” “outlook” and
similar statements. For example, the Company’s statements about its
intended use of proceeds from the offering are forward-looking
statements and are inherently uncertain. Such statements are based
upon management's current expectations and current market and
operating conditions, and relate to events that involve known or
unknown risks, uncertainties and other factors, such as the
significant volatility and disruption caused by the COVID-19
pandemic, the Company’s expected growth of the online retail
industry in China, the Company’s expectations regarding demand for
and market acceptance of its products and services, the Company’s
expectations regarding its relationships with its brand partners
and e-commerce channels, and the level of consumer economic
activity in China, all of which are difficult to predict and many
of which are beyond the Company's control, which may cause the
Company's actual results, performance or achievements to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the SEC. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
For investor and media inquiries, please
contact:ECMOHO Ltd.Investor RelationsEmail:
IR@ecmoho.com
Investor relations agency contact:William Tu /
Scott PowellSkyline Corporate Communications Group,
LLCOne Rockefeller Plaza, 11th FloorNew York, NY
10020Office: (646) 893-5835Email: wtu@skylineccg.com
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