Work Medical Technology Group, Inc.
HANGZHOU, China, Aug. 23, 2024 (GLOBE NEWSWIRE) — WORK Medical Technology Group LTD (the “Company”), a Chinese medical device supplier, today announced the pricing of its initial public offering of 2,000,000 common shares (the “Offering”) at a public offering price of US$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 receive aggregate proceeds from the offering, before deducting underwriting discounts and other related expenses, of $8.0 million. 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 the 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 production facilities and increasing production capacity, (ii) development of masks and other medical consumables and medical equipment, (iii) product marketing, (iv) purchasing patents, (v) working capital and other general corporate purposes.
The offering is being made on a “firm” basis. Kingswood Capital Partners, LLC (“Kingswood”) is acting as sole book-running manager for the offering. Hunter Taubman Fischer & Li LLC is acting as U.S. advisor to the Company and Ortoli Rosenstadt LLP is acting as U.S. 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 (SEC) (File No. 333-271474) and was declared effective by the SEC on August 22, 2024. The offering is being made only by means of a prospectus, which forms a 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, by email at [email protected] or by telephone at +1-800-535-6981. Copies of the prospectus relating to the offering may also be obtained from 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 this offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor will there be any offer, solicitation or sale 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 any such state or jurisdiction.
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About WORK Medical Technology Group LTD
WORK Medical Technology Group LTD is a medical device supplier engaged in the development and manufacturing of Class I and II medical devices, as well as the distribution of Class I and II disposable medical devices through its operating subsidiaries in China. The company has a diverse product portfolio of 21 products, including customized multi-functional masks and other medical consumables. All products are sold in 34 provincial-level administrative regions in China, with 15 of the products sold in over 30 countries worldwide. The company holds numerous quality-related manufacturing designations and has registered 17 products with the U.S. Food and Drug Administration to allow them to enter the U.S. market. For more information, please visit the company's website at 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 may be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “potential,” “seek,” “will” or variations of these words or similar expressions intended to identify forward-looking statements. Statements in this press release other than statements of historical fact may be deemed forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the completion, timing and expected size of the initial public offering and the expected commencement of trading on Nasdaq.
The forward-looking statements in this press release are based only on the Company's current expectations, estimates and projections as of the date of this press release 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 in such forward-looking statements. These risks and uncertainties include, but are not limited to, whether the proposed initial public offering will be completed on the expected terms or not, market conditions and the satisfaction of customary closing conditions associated with the initial public offering. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. The Company cautions investors that actual results may differ materially from those anticipated and encourages investors to review other factors that may affect future results that are described 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 to the extent required by law.
For further information, please contact:
Work Medical Technology Group, Inc.
Investor Relations
Email: [email protected]
Ascent Investor Relations LLC
Tina Hsiao
Phone: +1-646-932-7242
Email: [email protected]
