New York, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Kingswood Capital Partners, LLC today announced the closing of an initial public offering (the “Offering”) of 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share for its client WORK Medical Technology Group LTD. (Nasdadq: WOK) (the “Company”), a supplier of medical devices in China. The ordinary shares began trading on August 23, 2024 under the ticker symbol "WOK."
The gross proceeds of the Offering were approximately US$8.00 million, before deducting underwriting discounts and other related expenses.
Proceeds from the Offering will be used for (i) upgrading production equipment and increasing production capacity, (ii) developing masks, other medical consumables and medical devices, (iii) product marketing, (iv) patent purchases, and (v) working capital and other general corporate purposes.
The Offering was conducted on a “firm commitment” basis. Kingswood Capital Partners, LLC ("Kingswood") was the sole book running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and Ortoli Rosenstadt LLP acted as U.S. counsel to Kingswood in connection with the Offering.
A registration statement on Form F-1 relating to the Offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") (File Number: 333-271474) and was declared effective by the SEC on August 22, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement relating to the Offering. Copies of the final prospectus relating to the Offering may be obtained from Kingswood at: 7280 W Palmetto Park Rd. Suite 301, Boca Raton, FL 33433, or by email at lciervo@kingswoodus.com, or by telephone at +1-800-535-6981. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.
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 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 Kingswood / Kingswood Group
Kingswood, part of the Kingswood Group, is a network of wealth management firms that includes an SEC-registered RIA and a FINRA-licensed broker-dealer, offering comprehensive wealth management and business-building services designed specifically for the independent financial advisor. With our parent company, we represent more than $14 billion in AUM, and support 400 registered individuals. Kingswood has the resources and capital of a very large financial services firm and the personalized touch and feel of a boutique company. Kingswood has earned a reputation as a firm built for advisors by advisors.
About WORK Medical Technology Group LTD
WORK Medical Technology Group LTD is a supplier of medical devices that develops and manufactures Class I and II medical devices and sells Class I and II disposable medical devices through operating subsidiaries in China. The Company has a diverse product portfolio comprising 21 products including customized and multifunctional masks and other medical consumables. All the products have been sold in 34 provincial-level administrative regions in China, with 15 of them sold in more than 30 countries worldwide. The Company received a number of quality-related manufacturing designations and registered 17 products with the U.S. Food and Drug Administration allowing their products to enter the U.S. market. For more information, please visit the Company’s website: https://www.workmedtech.com/corporate.
Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements.
Any forward-looking statements in this press release are based on the Company’s current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. 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 set forth in the Company's registration statement on Form F-1 and other documents filed by the Company with the SEC. The Company explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
Media Contacts
Kingswood Capital Partners, LLC
Ryan Sabet
Director of Acquisition, Recruitment & Strategic Initiatives
Tel: +1-800-535-6981
Email: lciervo@kingswoodus.com
