BEIJING (dpa-AFX) - Wing Yip Food Holdings Group Ltd. (WYHG), a Chinese meat producer, late Monday announced the pricing of its initial public offering of 2.05 million American Depositary Shares or ADS, commencing on November 26, at a price of $4.00 per ADS.
The company expects to raise a total of $8.20 million from the Offering, before subtracting underwriting fees and other related costs. It intends to use the proceeds to upgrade and establish production lines, promote products, and develop new lines. Funds will also go toward working capital and general corporate needs.
The ADSs have been approved for listing on the Nasdaq Capital Market, under the ticker symbol 'WYHG.'
Wing Yip Food has given the underwriters a 45-day option after the Offering closes to buy up to 307,500 additional ADSs at the public offering price, minus underwriting discounts. The Offering is expected to close around November 27, as long as standard closing conditions are met.
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