FUZHOU,
China, April 4, 2023 /PRNewswire/
-- Shengfeng Development Limited (Nasdaq: SFWL) (the "Company"
or "Shengfeng"), a contract logistics company in China providing customers with integrated
logistics solution services, today announced the closing of its
initial public offering (the "Offering") of 2,400,000 Class A
ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A
ordinary shares began trading on the Nasdaq Capital Market on
March 31, 2023 under the ticker
symbol "SFWL."
The Company received aggregate gross proceeds of US$9.60 million from the 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 360,000 Class A ordinary shares at
the public offering price after the closing of Offering, less
underwriting discounts.
Proceeds from the Offering will be used for expanding and
increasing the number of regional sorting centers, the number of
order fulfillment centers ("OFCs") and service outlets, purchasing
trucks and other vehicles to add to the Company's self-owned fleet,
upgrading the equipment of existing regional sorting centers, OFCs,
and service outlets, improving IT infrastructure, and working
capital and other general corporate purposes.
The Offering was conducted on a firm commitment basis. Univest
Securities, LLC ("Univest") acted as the underwriter for the
Offering. Hunter Taubman Fischer
& Li LLC acted as U.S. counsel to the Company, and Ellenoff
Grossman & Schole LLP acted as U.S. counsel to Univest in
connection with the Offering.
A registration statement on Form F-1 relating to the Offering
was filed with the U.S. Securities and Exchange Commission (the
"SEC") (File Number: 333-267367) and was declared effective by the
SEC on March 30, 2023. The Offering
was made only by means of a prospectus, forming a part of the
registration statement. Copies of the prospectus relating to the
Offering may be obtained from Univest by email at info@univest.us,
or by calling +1 (212)-343-8888. In addition, copies of the
prospectus relating to the Offering may be obtained via the SEC's
website at www.sec.gov.
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 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 Shengfeng Development Limited
Shengfeng Development Limited is a contract logistics
company in China providing
customers with integrated logistics solution services. Established
in 2001, the Company has developed extensive and reliable
transportation networks in China,
covering 341 cities across 31 provinces, as of June 30, 2022. The Company provides integrated
logistics solutions comprised of B2B freight transportation
services, cloud storage services, and value-added services. The
Company applies well-established management system and operation
procedures to assist companies in China to increase efficiency and improve their
own management systems with respect to transportation, warehousing
and time management. For more information, please visit the
Company's website: http://ir.sfwl.com.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
find many (but not all) of these statements by the use of words
such as "approximates," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may" or other similar expressions in
this prospectus. The Company undertakes no obligation to update or
revise publicly any 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 other filings with the SEC.
For more information, please contact:
Shengfeng Development Limited
Investor Relations
Department
Email: ir@sfwl.com.cn
Ascent Investors Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Shengfeng Development Limited