QLI - Qilian International Holding announces closing of initial public offering

Qilian International Holding (QLI) announced the closing of its initial public offering of 5.0M shares of common stock at a public offering price of $5.00 per share.The gross proceeds from this offering are ~$25.0M.Underwriters over-allotments is an additional 750K shares.Proceeds will be used for fixed asset investment in Oxytetracycline API production facilities, construction of an organic-waste treatment facility, fixed asset investment in Heparin Sodium Preparation facilities, and marketing expenses for Gan Di Xin.The company’s common stock began trading on the Nasdaq Global Market on January 12, under the symbol QLI.Loop Capital Markets and Alexander Capital L.P. acted as co-managers for the offering. Univest Securities, LLC acted as lead book-running manager.Shares are up 5% PM.

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Qilian International Holding announces closing of initial public offering