Northann Corp. Announces Pricing of $6,000,000 Initial Public Offering
October 18 2023 - 10:18PM
Northann Corp. (“Northann” or the “Company”), a company
specializing in 3D-printed flooring solutions, today announced the
pricing of its initial public offering (the “Offering”). The IPO
consists of 1,200,000 shares of common stock priced at a public
offering price of $5 per share, for total gross proceeds of
$6,000,000, before deducting underwriting discounts and offering
expenses. The shares of common stock have been approved for listing
on NYSE American and are expected to commence trading on October
19, 2023, under the ticker symbol “NCL”.
The Company has granted the underwriters an
option, within 45 days from the closing date of the Offering, to
purchase up to an additional 180,000 shares of common stock at the
public offering price, less underwriting discounts, to cover
over-allotment, if any.
The Offering is expected to close on October 23,
2023, subject to customary closing conditions.
The Offering is being conducted on a firm
commitment basis. Craft Capital Management LLC, Prime Number
Capital, LLC and R.F. Lafferty & Co., Inc. are acting as
co-underwriters for the Offering. Ortoli Rosenstadt LLP is acting
as U.S. counsel to the Company, and Hunter Taubman Fischer & Li
LLC is acting as U.S. counsel to the underwriters, in connection
with the Offering.
The Company intends to use the proceeds from
this Offering for the acquisition of facilities and equipment in
the United States, product development, sales and marketing
activities, and general working capital purposes.
A registration statement on Form S-1 (File No.
333- 273246) relating to the Offering, as amended, has been filed
with the U.S. Securities and Exchange Commission (the "SEC") and
was declared effective by the SEC on September 29, 2023. The
Offering is being made only by means of a prospectus. Copies of the
final prospectus related to the Offering may be obtained, when
available, from Craft Capital Management LLC by email at
info@craftcm.com or via standard mail to Craft Capital Management
LLC, 377 Oak St, Lower Concourse, Garden City, NY 11530. In
addition, a copy of the final prospectus, when available, can also
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 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 the securities described
herein, 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 Northann Corp.
Northann Corp. specialized in 3D-printed
flooring solutions under its flagship brand, "Benchwick." The
Company's operations span the full spectrum of additive
manufacturing, from sourcing recycled ocean plastics to the final
production of intricate flooring designs. Northann offers an
extensive range of proprietary solutions, including Infinite Glass,
DSE, TruBevel, and MattMaster, primarily through its sales network
in North America and Europe.
For more information, please visit
ir.northann.com.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as "may, "will, "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. These forward-looking statements
include, without limitation, the Company's statements regarding the
expected trading of its shares of common stock on the NYSE American
and the closing of the Offering. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the 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, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For investor and media inquiries, please
contact:
Underwriters Craft Capital Management LLCStephen
Kiront and Jeff ZhengPhone: +1 (516) 833-1325
Investor RelationsNorthann Corp.Email:
ir@northann.comPhone: +1 (916) 573-3803
Skyline Corporate Communications Group, LLC
Scott Powell, President One Rockefeller Plaza, 11th Floor New York,
NY 10020 Office: (646) 893-5835 x2
Email: info@skylineccg.com
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