Wetouch Technology Inc. Announces Pricing of $10.8 Million Public Offering of Common Stock and Concurrent Uplisting to the Nasdaq Capital Market
February 20 2024 - 9:45PM
Wetouch Technology Inc. (Nasdaq: WETH ) (“Wetouch” or the
“Company”), a Nevada company, through its wholly-owned subsidiary,
engaged in the research, development, manufacturing, sales and
servicing of projected capacitive touchscreens, announced today the
pricing of an underwritten public offering of 2,160,000 shares of
common stock at a price to the public of $5.00 per share (the
“Offering”). The gross proceeds to the Company from this Offering
are expected to be $10.8 million, prior to deducting offering
expenses, commissions and underwriting discounts. In addition, the
Company granted the underwriters a 45-day option to purchase up to
324,000 additional shares of common stock at the public offering
price per share, less commissions and underwriting discounts. The
Offering is expected to close on February 23, 2024, subject to the
satisfaction of customary closing conditions.
Proceeds from the Offering will be used for the
construction of a new factory, facilities and office buildings, the
purchase of two production lines in the new factory, research and
development, the repayment of convertible promissory notes, and
working capital and general corporate purposes.
The Offering is being conducted on a firm
commitment basis. WestPark Capital, Inc. (“WestPark”), Craft
Capital Management LLC, and R.F. Lafferty & Co., Inc. are the
underwriters for the Offering, with WestPark being the lead book
running manager for the Offering. The Crone Law Group P.C. is
acting as U.S. counsel to the Company and Bevilacqua PLLC is
acting as U.S. counsel to the underwriters in connection
with the Offering.
The Company is also pleased to announce its
common stock has been approved to list on The Nasdaq Capital Market
(“Nasdaq”) under its current “WETH” ticker symbol and is expected
to begin trading on Nasdaq on February 21, 2024.
The shares of common stock described above are
being offered by the Company pursuant to a registration statement
on Form S-1 (File No. 333-270726) that was initially filed by the
Company with the U.S. Securities and Exchange Commission (SEC) on
March 21, 2023 and declared effective by the SEC on February 14,
2024. The Offering is being made only by means of a written
prospectus that forms a part of the registration statement. A
preliminary prospectus relating to the Offering was filed with the
SEC and is available on the SEC’s website located
at http://www.sec.gov. A final prospectus relating to the
Offering will be filed with the SEC. When available, copies of the
final prospectus relating to the Offering may be obtained from
WestPark Capital, Inc., 1800 Century Park East, Suite 220, Los
Angeles, CA 90077, tel: 310-203-2919, e-mail:
jstern@wpcapital.com and will be available on the SEC’s
website.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Wetouch Technology
Inc.
Wetouch Technology Inc. is a holding company
incorporated in Nevada with operations conducted by its
wholly-owned subsidiary engaged in the research, development,
manufacturing, sales and servicing of medium to large sized
projected capacitive touchscreens. The Company specializes in
large-format touchscreens, which are developed and designed for a
wide variety of markets and used in the financial terminals,
automotive, POS, gaming, lottery, medical, HMI, and other
specialized industries.
Forward Looking Statements
This document contains certain “forward-looking
statements”. All statements other than statements of historical
fact are “forward-looking statements” for purposes of federal and
state securities laws, including, but not limited to, any
projections of earnings, revenue or other financial items; any
statements of the plans, strategies, goals and objectives of
management for future operations; any statements concerning
proposed new products and services or developments thereof; any
statements regarding future economic conditions or performance; any
statements or belief; and any statements of assumptions underlying
any of the foregoing.
Forward looking statements may include the words
“may,” “could,” “estimate,” “intend,” “continue,” “believe,”
“expect” or “anticipate” or other similar words, or the negative
thereof. These forward-looking statements present our estimates and
assumptions only as of the date of this report. Accordingly,
readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the dates on
which they are made. We do not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the dates they are made. You should, however, consult
further disclosures and risk factors we include in Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on
Form 8-K.
Investor Relations:Core IR+1 516-222-2560
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