WiMi Hologram Cloud Inc. Announces Closing of Public Offering
July 29 2020 - 11:47AM
WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or
the "Company"), a leading holographic augmented reality ("AR")
application platform in China, today announced the closing of
WiMi's “best efforts” public offering of 7,560,000 American
Depositary Shares ("ADSs"), each representing two Class B ordinary
shares of the Company, at a public offering price of US$8.18 per
ADS for a total offering size of up to US$61,840,800, before
deducting underwriting discounts, commissions and estimated
offering expenses. Participants in the offering include a select
group of institutional investors in both the US and Asia, including
WB Online Investment Limited, an affiliate of Weibo Corporation
(NASDAQ: WB).
The Company intends to use the proceeds from its public offering
to research and development of the application of holographic AR
technologies in the semiconductor industry, as well as for
strategic acquisitions and investments and for working capital and
general corporate purposes.
The Benchmark Company LLC, and FT Global Capital Inc. acted as
joint lead bookrunning managers while Valuable Capital
Limited acted as Book Running Manager – Asia for this offering. DLA
Piper LLP acted as the Company’s U.S. legal counsel, Sheppard,
Mullin, Richter & Hampton, LLP and Schiff Hardin LLP acted as
U.S. legal counsel for the joint lead bookrunning managers, and
PacGate Law Group acted as PRC legal counsel for the joint lead
bookrunning managers.
The ADSs described above were offered by WiMi pursuant to a
registration statement that was declared effective by the
Securities and Exchange Commission on July 27, 2020.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of 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.
This offering is being made only by means of a prospectus
forming part of the effective registration statement. A copy of the
final prospectus relating to the offering may be obtained by
contacting The Benchmark Company, LLC, via email at
prospectus@benchmarkcompany.com or at 150 East 58th Street,
17th Floor, New York, New York 10155, United
States.
About WiMi
WiMi, whose commercial operations began in 2015, operates the
largest integrated holographic AR application platform in terms of
revenues in 2018 in China and has built the most
comprehensive and diversified holographic AR content library among
all holographic AR solution providers in China. Its extensive
portfolio includes 4,654 AR holographic contents. The company
has also achieved a speed of image processing that is 80 percent
faster than the industry average. While most peer companies may
identify and capture 40 to 50 blocks of image data within a
specific space unit, WiMi collects 500 to 550 data blocks.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding the proposed public offering. The offering is
subject to market and other conditions and there can be no
assurance that the offering will be completed or as to the actual
size or terms of the offering. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including market conditions, risks associated
with the cash requirements of our business and other risks detailed
in the Company's registration statement, and represent the
Company's views only as of the date they are made and should not be
relied upon as representing our views as of any subsequent date.
The Company does not assume any obligation to update any
forward-looking statements except as required by law.
SOURCE WiMi Hologram Cloud Inc.
For investor and media inquiries, please contact:
pr@wimiar.com
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