BAODING, China, Jan. 14, 2021 /PRNewswire/ -- IT Tech
Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or "the
Company"), a leading manufacturer and distributor of diversified
paper products in North China,
today announced the pricing of a public offering of 26,181,818
shares of common stock (the "Common Stock") and warrants (the
"Warrants") to purchase 26,181,818 shares of Common Stock at an
offering price of $0.55 per share and
warrant. Each Warrant is immediately exercisable for one share of
Common Stock at an exercise price of US$0.55 per share and will expire five years from
issuance. The aggregate gross proceeds of the offering are
expected to be approximately US$14.4
million.
Maxim Group LLC is acting as sole placement agent in connection
with the offering.
The offering is being conducted pursuant to the Company's
registration statement on Form S-1 (File No. 333-251562) previously
filed with and subsequently declared effective by the Securities
and Exchange Commission ("SEC") on January
14, 2021 and the Company's 462(b) registration statement on
Form S-1 that was filed and became effective on January 14, 2021. A final prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. Electronic copies of the
prospectus relating to this offering, when available, may be
obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor,
New York, NY 10174, at (212)
895-3745.
The Company plans to use the net proceeds from the offering
mainly for working capital and general corporate purposes. The
offering is expected to close on or about January 20, 2021.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
This press release contains information about the pending
offering of the shares of Common Stock and the Warrants, and there
can be no assurance that the offering will be completed.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products in
North China. Using recycled paper
as its primary raw material (with the exception of its tissue paper
products), ITP produces and distributes three categories of paper
products: corrugating medium paper, offset printing paper and
tissue paper products. With production based in Baoding and Xingtai
in North China's Hebei Province, ITP is located strategically
close to the Beijing and
Tianjin region, home to a growing
base of industrial and manufacturing activities and one of the
largest markets for paper products consumption in the country. ITP
has been listed on the NYSE MKT since December 2009.
Safe Harbor Statement
This press release may contain forward-looking statements. These
forward-looking statements involve inherent risks and uncertainties
that could cause actual results to differ materially from those
projected or anticipated, including risks outlined in the Company's
public filings with the Securities and Exchange Commission,
including the Company's latest annual report on Form 10-K. All
information provided in this press release speaks as of the date
hereof. Except as otherwise required by law, the Company undertakes
no obligation to update or revise its forward-looking
statements.
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SOURCE IT Tech Packaging, Inc.