New York, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Kingswood Capital Partners, LLC today announced the closing of an initial public offering (the “Offering”) of 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share for its client WORK Medical Technology Group LTD. (Nasdadq: WOK) (the “Company”), a supplier of medical devices in China. The ordinary shares began trading on August 23, 2024 under the ticker symbol "WOK."

The gross proceeds of the Offering were approximately US$8.00 million, before deducting underwriting discounts and other related expenses.

Proceeds from the Offering will be used for (i) upgrading production equipment and increasing production capacity, (ii) developing masks, other medical consumables and medical devices, (iii) product marketing, (iv) patent purchases, and (v) working capital and other general corporate purposes.

The Offering was conducted on a “firm commitment” basis. Kingswood Capital Partners, LLC ("Kingswood") was the sole book running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and Ortoli Rosenstadt LLP acted as U.S. counsel 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 was declared effective by the SEC on August 22, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement relating to the Offering. Copies of the final 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 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 Kingswood / Kingswood Group

Kingswood, part of the Kingswood Group, is a network of wealth management firms that includes an SEC-registered RIA and a FINRA-licensed broker-dealer, offering comprehensive wealth management and business-building services designed specifically for the independent financial advisor. With our parent company, we represent more than $14 billion in AUM, and support 400 registered individuals. Kingswood has the resources and capital of a very large financial services firm and the personalized touch and feel of a boutique company. Kingswood has earned a reputation as a firm built for advisors by advisors.