HONG KONG, Jan. 29, 2024 (GLOBE NEWSWIRE) -- J-Long Group Limited (NASDAQ:JL) (the "Company" or "J-Long"), an established distributor in Hong Kong of reflective and non-reflective garment trims, today announced the closing of its initial public offering (the "Offering") of 1,400,000 ordinary shares at a public offering price of $5.00 per ordinary share. The aggregate gross proceeds from the Offering, before deducting underwriting discounts and other offering expenses, were $7,000,000. The Company's ordinary shares began trading on the Nasdaq Global Market on January 24, 2024, under the symbol "JL."
The Company has granted the Underwriter a 45-day option to purchase up to an additional 210,000 ordinary shares at the public offering price after the closing of the Offering, less the underwriting discounts.
The Company intends to use the net proceeds from the Offering for potential strategic acquisitions and investments in other reflective materials distributors and providers, as well as upstream and downstream businesses along the industry value chain. Additionally, they will be allocated to strengthen research and development capabilities for new products, increase warehouse and storage capacity, and fund working capital and other general corporate purposes.
Eddid Securities USA Inc., Inc. (the "Underwriter") is acting as underwriter to the Offering. K&L Gates is acting as U.S. counsel to the Company, and Ortoli Rosenstadt LLP is acting as U.S. counsel to the Underwriter in connection with the Offering.
A registration statement on form F-1 (File Number: 333-275077) related to these securities has been ...