LISHUI, China, April 28, 2021 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture
products supplier in China, today
announced the pricing of an upsized underwritten public offering
with gross proceeds to the Company expected to be approximately
$42.0 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the Company. The public offering equates
to 140,000,000 of the Company's ordinary shares at a price of
$0.30 per share. The Company intends
to use the net proceeds from this offering for working capital and
general corporate purposes. The closing of the offering is expected
to occur on May 3, 2021, subject to
customary closing conditions.
The Company has also granted the underwriter a 45-day option to
purchase up to an additional 15% of the number of ordinary shares
offered in the public offering to cover over-allotments, if any,
which would increase the total gross proceeds of the offering to
approximately $48.3 million, if the
over-allotment option is exercised in full.
Aegis Capital Corp. is acting as the sole book-running
manager for the offering.
The ordinary shares described above are being offered by Farmmi,
Inc. pursuant to an effective registration statement on Form F-1
(No. 333-255387) previously filed with the U.S. Securities and
Exchange Commission (the "SEC") and declared effective by the SEC
on April 28, 2021. A
final prospectus (the "Prospectus") describing the terms of
the proposed offering will be filed with the SEC and will be
available on the SEC's website located at http://www.sec.gov.
Electronic copies of the Prospectus may be obtained, when
available, by contacting Aegis Capital Corp., Attention: Syndicate
Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at
firstname.lastname@example.org, or by telephone at (212) 813-1010. Before
investing in this offering, interested parties should read in their
entirety the Prospectus and the other documents that the Company
has filed with the SEC that are incorporated by reference in such
Prospectus, which provide more information about the Company and
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 registration or
qualification under the securities laws of any such state or
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a
leading agricultural products supplier, processor and retailer of
Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other
agricultural products. For further information about the
Company, please visit: http://ir.farmmi.com.cn/.
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including the potential impact of COVID-19 on our
business within and outside of China. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
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SOURCE Farmmi, Inc.