Universe Pharmaceuticals INC Announces Full Exercise of Underwriter’s Over-Allotment Option in the Public Offering
March 31 2021 - 4:15PM
Universe Pharmaceuticals INC (the “Company”) (Nasdaq: UPC), a
pharmaceutical producer and distributor in China, today announced
the underwriter of its previously announced initial public offering
of ordinary shares (the "Offering") has exercised in full its
option to purchase an additional 750,000 ordinary shares at the
public offering price of $5.00 per share to cover overallotments,
resulting in additional gross proceeds of $3.75 million. After
giving effect to the full exercise of the over-allotment option,
the total number of shares sold by the Company in the Offering
increased to 5.75 million shares and gross proceeds increased to
$28.75 million. The exercise of the over-allotment option has
closed on March 31, 2021.
Proceeds from the Offering will be used for
upgrading and expanding the Company’s manufacturing facilities,
conducting research and development, branding, advertising and
marketing, and for working capital and general corporate
purposes.
The Offering was conducted on a firm commitment
basis. Univest Securities, LLC acted as the underwriter and
book-running manager for the Offering. Hunter Taubman Fischer &
Li LLC acted as counsel to the Company, and Pryor Cashman LLP acted
as counsel to Univest Securities, LLC in connection with the
Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the Securities and Exchange Commission
(“SEC”) (File Number: 333-248067) and was declared effective by the
SEC on March 22, 2021. This Offering was made only by means of a
prospectus, forming a part of the registration statement. Copies of
the final prospectus relating to the Offering may be obtained from
Univest Securities, LLC, by email at IBAssistDesk@univest.us or
standard mail to Univest Securities, LLC, Attn: 375 Park Avenue,
15th Floor, New York, NY 10152. In addition, a copy of the
prospectus relating to the Offering may be obtained via the SEC's
website at www.sec.gov.
Before you invest, you should read the
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 does not constitute an offer to
sell, or the solicitation of an offer to buy any of the Company’s
securities, nor shall such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, nor shall there be any offer, solicitation or sale of
any 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 such
state or jurisdiction.
About Universe Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered in
Ji’an, Jiangxi, China, is a pharmaceutical producer and distributor
in China. The Company specializes in the manufacturing, marketing,
sales and distribution of traditional Chinese medicine derivatives
products targeting the elderly with the goal of addressing their
physical conditions in the aging process and to promote their
general well-being. The Company also distributes and sells
biomedical drugs, medical instruments, Traditional Chinese Medicine
Pieces, and dietary supplements manufactured by third-party
pharmaceutical companies. Currently, the Company’s products are
sold in 30 provinces of China. For more information, visit the
company’s website at http://www.universe-pharmacy.com/.
About Univest Securities,
LLC
Registered with FINRA since 1994, Univest
Securities, LLC provides a wide variety of financial services to
its institutional and retail clients globally including brokerage
and execution services, sales and trading, market making,
investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building
long-term relationship with its clients. For more information,
please visit: www.univest.us.
Forward-Looking Statements
All statements other than statements of
historical fact in this announcement are forward-looking
statements. 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 and encourages investors to
review other factors that may affect its future results in the
Company’s registration statement and in its other filings with the
SEC.
For more information, please
contact:
Ascent Investors Relations
LLCTina Xiao PresidentPhone:
917-609-0333Email: tina.xiao@ascent-ir.com
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