Wing Yip Food Holdings Group said Monday that it priced its initial public offering of about 2.1 million American depositary shares at $4 per ADS, each of which represents one ordinary share of the company, for expected gross proceeds of $8.2 million.
The ADS have been approved for listing on the Nasdaq Capital Market and are expected to start trading this Tuesday under the ticker symbol "WYHG".
The company also granted the underwriters a 45-day option to buy up to an additional 307,500 ADS. The offering is expected to close on or about Wednesday.
The company said it plans to use the proceeds for upgrading existing production lines and establishing new production lines, marketing and promotion of its products, new product research and development, and working capital and general corporate matters.
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