BAODING, China, Feb. 24, 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,
announced today the pricing of an underwritten offering of
26,666,666 shares of its common stock and warrants to purchase up
to an aggregate of 13,333,333 shares of its common stock. Each
share of common stock is being sold together with a warrant to
purchase one half share of common stock at a combined price to the
public of $0.75. Gross proceeds
before underwriting discounts and commissions and estimated
offering expenses, are expected to be $20.0
million.
The warrants will be immediately exercisable at a price of
$0.75 per share of common stock and
will expire five years from the date of issuance. The shares of
common stock and the accompanying warrants can only be purchased
together in the offering but will be issued separately and will be
immediately separable upon issuance. The offering is expected to
close on or about March 1, 2021,
subject to customary closing conditions.
Maxim Group LLC is acting as the sole book-running manager for
the offering.
The Company also has granted to the underwriter a 45-day option
to purchase up to an additional 2,611,200 shares of common stock
and/or warrants to purchase up to 1,305,600 shares of common
stock, at the public offering price less discounts and
commissions.
The securities described above are being offered by IT Tech
Packaging pursuant to a registration statement (File No.
333-223160) that was filed with the U.S. Securities and Exchange
Commission (SEC) on February 22, 2018
and declared effective on June 19,
2018 and a registration statement (File No. 333-.253476)
that was filed on February 24,
2021 and became effective upon filing with the SEC. The
securities are being offered by means of a prospectus supplement
and accompanying prospectus, forming part of the registration
statement. A preliminary prospectus supplement and accompanying
prospectus relating to this offering have been filed with the SEC.
Electronic copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745.
Electronic copies of the preliminary prospectus supplement and
accompanying prospectus are also available on the website of the
SEC at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
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.
For further information, please contact:
At the Company
Email: ir@itpackaging.cn
Tel: +86-312-8698215
Investor Relations:
Janice Wang
+86-138-1176-8559
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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SOURCE IT Tech Packaging, Inc.