Jiangyin, China, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Li Bang International Corporation Inc. (the “Company” or “Li Bang”), a company engaged in designing, developing, producing, and selling stainless steel commercial kitchen equipment in China, today announced the pricing of its initial public offering (the “Offering”) of 1,520,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on October 23, 2024, under the ticker symbol “LBGJ.”

The Company expects to receive aggregate gross proceeds of US$6.08 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 228,000 ordinary shares, representing 15% of the ordinary shares sold in the Offering, at the public offering price less underwriting discounts. The Offering is expected to close on or about October 24, 2024, subject to the satisfaction of customary closing conditions.

Net proceeds from the Offering will be used for plant construction, equipment procurement, advertising and marketing, research and development, and general working capital.

The Offering is being conducted on a firm commitment basis. Craft Capital Management LLC is acting as the representative of the underwriters, with EF Hutton LLC acting as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP is acting as the U.S. counsel to the Company, and Sichenzia Ross Ference Carmel LLP is acting as the U.S. counsel to the Underwriters in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (the “SEC”) (File Number: 333-262367), as amended, and was declared effective by the SEC on September 30, 2024. The Offering is being 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, when available, from Craft Capital Management LLC at 377 Oak St, Lower Concourse, Garden City, NY 11530, or via email at [email protected], or telephone at (800) 550-8411; or from EF Hutton at 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at [email protected], or telephone at (212) 404-7002. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.

Before you invest, you should read the registration statement and the preliminary prospectus contained therein and the final prospectus, when available, and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. 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 such securities be offered or sold in the United States absent registration or an applicable exemption from registration, 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.