Jowell Global Ltd. Announces Closing of $26 Million Initial Public Offering
March 19 2021 - 4:15PM
Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), a
company which operates one of the leading cosmetics, health and
nutritional supplements and household products e-commerce platforms
Juhao Mall in China, today announces the closing of its initial
public offering of 3,714,286 ordinary shares at a price of $7.00
per ordinary share, for total gross proceeds of $26 million before
deducting underwriting discounts and offering expenses. All of the
ordinary shares were offered by the Company. The offering was
conducted on a firm commitment basis. In addition, the Company has
granted the underwriters an option, exercisable within 45 days from
the date of the final prospectus, to purchase up to an additional
557,143 shares at the public offering price, less underwriting
discounts. The ordinary shares began trading on March 17, 2021 on
NASDAQ Capital Market under the symbol “JWEL”.
Network 1 Financial Securities, Inc. acted as
sole book runner and lead underwriter for the offering and
Alexander Capital, L.P. acted as co-underwriter. FisherBroyles, LLP
acted as counsel to the Company and Hunter Taubman Fischer & Li
LLC acted as counsel to the underwriters with respect to this
offering.
A registration statement on Form F-1 (File No.
333-250889) relating to the offering has been filed with the
Securities and Exchange Commission (“SEC”) and was declared
effective by the SEC on March 16, 2021. The offering of the
ordinary shares was made only by means of a final prospectus. A
final prospectus relating to the offering was filed with the SEC on
March 18, 2021, which may be obtained from Network 1 Financial
Securities, Inc. by email at kmu@netw1.com, or via standard mail to
Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241
Red Bank, NJ 07701. In addition, a copy of the final
prospectus relating to the offering may be obtained via the SEC's
website at www.sec.gov.
Before you invest, you should read the final
prospectus 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 shall not constitute an offer to
sell or the solicitation of an offer to buy the securities
described herein, 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 jurisdiction.
About Jowell Global Ltd.
Jowell Global Ltd. (the “Company”) operates one
of China's leading e-commerce platforms for cosmetics, health and
nutritional supplements and household products - Juhao Mall. The
Company provides its own brand products to customers and sells and
distributes other companies' health and nutritional supplements,
cosmetics and certain household products on the Juhao Mall
platform. In addition, Juhao Mall allows third parties to open
their own stores on its platform. The Company has also been selling
its products through authorized retail stores all across China,
which operate under the brand name of “Love Home Store” or “LHH
Store”. For more information, please visit
https://www.1juhao.com/.
Forward-Looking Statement
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as “may, “will, “intend,” “should,” “believe,”
“expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company’s goals and strategies; the Company’s
future business development; financial condition and results of
operations; product and service demand and acceptance; reputation
and brand; the impact of competition and pricing; changes in
technology; government regulations; fluctuations in general
economic and business conditions in China and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the SEC. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company’s filings
with the SEC, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward‐looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Investor Relations:Janice Wang EverGreen Consulting
Inc. Email: IR@changqingconsulting.comPhone: +1 571-464-9470 (from
U.S.)
+86 13811768559 (from China)
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