Hitek Global Inc. Announces Pricing of Initial Public Offering
March 31 2023 - 10:59AM
Hitek Global Inc. (the “
Company”), a China-based
information technology consulting and solutions service provider,
today announced the pricing of its initial public offering (the
"
Offering") of 3,200,000 ordinary shares at a
price of US$5.00 per ordinary share. The ordinary shares of the
Company are expected to commence trading on the Nasdaq Capital
Market March 31, 2023 under the ticker symbol "HKIT."
The Company expects to receive aggregate gross
proceeds of US$16 million from this Offering, before deducting
underwriting discounts and other related expenses. In addition, the
Company has granted the underwriters an option to purchase up to an
additional 480,000 ordinary shares at the public offering price,
less the underwriting discounts, within 45 days after the closing
of the Offering. The Offering is expected to close on or about
April 4, 2023, subject to satisfaction of customary closing
conditions.
Proceeds from the Offering will be used for
investment in research and development, additional employees’
recruitment, enhancement of information technology systems and
general working capital.
The Offering is being conducted on a firm
commitment basis. Pacific Century Securities, LLC is acting as the
lead underwriter of the Offering, R.F. Lafferty & Co., Inc. is
acting as the co-underwriter of the Offering, and Spartan Capital
LLC is acting as the co-manager of the Offering. Hunter Taubman
Fischer & Li LLC is acting as counsel to the Company, and VCL
Law LLP is acting as counsel to the underwriters in connection with
the Offering.
A post-effective amendment to the registration
statement on Form F-1 (No. 333-228498) relating to the securities
being sold in the Offering was filed with the U.S. Securities and
Exchange Commission (the “SEC”) and was declared
effective by the SEC on March 30, 2023. The Offering is being made
only by means of a prospectus, forming a part of the post-effective
amendment to the registration statement. Copies of the final
prospectus relating to the Offering may be obtained, when
available, from R.F. Lafferty & Co., Inc. by email at
info@rflafferty.com, from Pacific Century Securities, LLC by email
at ecm@pcsecurities.us, and from Spartan Capital LLC by email at
info@spartancapital.com. In addition, a copy of the prospectus
relating to the Offering may be obtained via the SEC's website at
www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the Offering. 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 such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, nor shall there be any offer, solicitation or sale of
any of the Company’s securities in any state or jurisdiction in
which such offers, solicitations or sales would be unlawful prior
to registration or qualification under the securities laws of such
state or jurisdiction.
About Hitek Global Inc.
Hitek Global Inc., headquartered in Xiamen,
China, is an information technology (“IT”) consulting and solutions
service provider in China. The Company has two lines of business:
1) services to small and medium businesses, which consists of
Anti-Counterfeiting Tax Control System (“ACTCS”) tax devices, ACTCS
services, and IT services, and 2) services to large businesses,
which consists of hardware sales and software sales. The Company’s
vision is to become a one-stop consulting destination for holistic
IT and other business consulting services in China. For more
information, visit the Company’s website at
http://ir.xmhitek.com/.
Forward-Looking Statements
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements, including but not limited to, the
Company's proposed Offering. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. 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 in the Company’s registration statement and in its
other filings with the SEC.
For investor and media inquiries please
contact:
Ascent Investor Relations LLC
Tina XiaoPhone: +1 917-609-0333Email: tina.xiao@ascent-ir.com
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