Hangzhou, China, Aug. 23, 2024 (GLOBE NEWSWIRE) — WORK Medical Technology Group LTD (the “Company”), a medical device provider in China, today announced the pricing of its initial public offering (the “Offering”) of 2,000,000 common shares at a public offering price of $4.00 per common share. The common shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading on August 23, 2024 under the ticker symbol “WOK.”
The Company expects to raise aggregate gross proceeds from the offering of $8.00 million, 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 shares of its common stock at the public offering price, less underwriting discounts. The offering is expected to close on or about August 26, 2024, subject to the satisfaction of customary closing conditions.
The proceeds from the offering will be used for (i) upgrading manufacturing facilities and increasing production capacity, (ii) developing masks, other medical supplies and medical devices, (iii) product commercialization, (iv) patent purchases, (v) working capital and other general corporate purposes.
The Offering is being made on a “firm commitment” basis. Kingswood Capital Partners, LLC (“Kingswood”) is acting as sole bookrunner for the Offering. Hunter Taubman Fischer & Li LLC is acting as U.S. legal advisor to the Company and Ortoli Rosenstadt LLP is acting as U.S. legal advisor to Kingswood in connection with the Offering.
A registration statement on Form F-1 relating to the offering has been filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-271474) and declared effective by the SEC on August 22, 2024. The offering is being made only by means of a prospectus that forms part of the registration statement relating to the offering. Copies of the prospectus relating to the offering may be obtained from Kingswood at 7280 W Palmetto Park Rd. Suite 301, Boca Raton, FL 33433, or by email at [email protected]or by telephone at +1-800-535-6981. In addition, a copy of the prospectus relating to the offering is available on the SEC’s website at www.sec.gov.
Before investing, you should read the prospectus and other documents that 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 any securities of the Company, nor shall there be any offer, solicitation or sale of any securities of the Company 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 WORK Medical Technology Group LTD
WORK Medical Technology Group LTD is a medical device supplier that develops and manufactures Class I and Class II medical devices and sells Class I and Class II disposable medical devices through operating subsidiaries in China. The company has a diverse product portfolio of 21 products, including customized and multifunctional masks and other medical consumables. All products have been sold in 34 provincial-level administrative regions in China, 15 of which have been sold in more than 30 countries worldwide. The company obtained a number of quality-related manufacturing designations and registered 17 products with the U.S. Food and Drug Administration, allowing its products to enter the U.S. market. For more information, please visit the company’s website: https://www.workmedtech.com/corporate.
Forward-looking statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as “aims,” ”anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “might,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions intended to identify forward-looking statements. All statements in this press release that are not historical facts may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding the completion, timing and expected size of the initial public offering and the expected start of trading on the Nasdaq.
All forward-looking statements in this press release are based on the Company’s current expectations, estimates and projections as of the date hereof and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the completion of the proposed initial public offering on the terms expected or at all, market conditions and the satisfaction of customary closing conditions related to the initial public offering. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it cannot assure you that these expectations will prove to be correct and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to consider other factors that may affect the Company’s future results set forth in the Company’s Registration Statement on Form F-1 and other documents filed by the Company with the SEC. The Company expressly disclaims any obligation to update any forward-looking statements, except as required by law.
For further information please contact:
WORK Medical Technology Group LTD
Investor Relations Department
E-mail: [email protected]
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
E-mail: [email protected]
