Hour Loop, Inc. Announces Pricing of $6.0 Million Initial Public Offering
06 Enero 2022 - 4:53PM
Hour Loop, Inc. (“Hour Loop” or the “Company”), a leading online
retailer, today announced the pricing of its initial public
offering of 1,500,000 shares of common stock (the “Common Stock”)
at a public offering price of $4.00 per share, for aggregate gross
proceeds of $6.0 million, prior to deducting underwriting
discounts, commissions, and other offering expenses. In addition,
the Company has granted the underwriters a 45-day option to
purchase up to an additional 225,000 shares of Common Stock at the
public offering price per share, less the underwriting discounts
and commissions, to cover over-allotments, if any. The offering is
expected to close on or about January 11, 2022, subject to
satisfaction of customary closing conditions.
The Company has received approval to list its
Common Stock on The Nasdaq Capital Market, with its Common Stock
trading under the symbol “HOUR”, with trading expected to begin on
January 7, 2022.
EF Hutton, division of Benchmark Investments,
LLC (“EF Hutton”), is acting as sole book-running manager for the
offering.
Anthony L.G., PLLC is acting as legal counsel to
Hour Loop and Pryor Cashman LLP is acting as legal counsel to EF
Hutton for the offering.
A registration statement on Form S-1, as amended
(File No. 333-260540), was filed with the Securities and Exchange
Commission (“SEC”) and was declared effective on January 6, 2022. A
final prospectus relating to the offering will be filed with the
SEC and will be available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering, when available, may be obtained from EF
Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue,
39th Floor, New York, NY 10022, Attention: Syndicate Department, or
via email at syndicate@efhuttongroup.com or telephone at (212)
404-7002.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
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 any such state or
jurisdiction.
About Hour Loop, Inc.
Hour Loop is an online retailer engaged in
e-commerce retailing in the U.S. market. It has operated as a
third-party seller on www.amazon.com and has sold merchandise on
its website at www.hourloop.com since 2013. The Company expanded
its operations to www.walmart.com in October 2020. To date, the
Company has generated practically all of its revenue as a
third-party seller on www.amazon.com and only a negligible amount
of revenue from its own website and Walmart. Hour Loop manages more
than 100,000 stock-keeping units (“SKUs”). Product categories
include home/garden décor, toys, kitchenware, apparels, and
electronics. The Company's primary strategy is to bring most of its
vendors product selections to the customers. It has advanced
software that assists the Company in identifying product gaps so it
can keep such products in stock year-round including the entirety
of the last quarter (holiday season) of the calendar year (“Q4”).
In upcoming years, Hour Loop plans to expand its business rapidly
by increasing the number of business managers, vendors and
SKUs.
Forward-Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the Company's initial public offering. No assurance can be given
that the offering will be completed on the terms described, or at
all. Forward-looking statements are subject to numerous conditions,
many of which are beyond the control of the Company. While the
Company believes these forward-looking statements are reasonable,
undue reliance should not be placed on any such forward-looking
statements, which are based on information available to the Company
on the date of this release. These forward-looking statements are
based upon current estimates and assumptions and are subject to
various risks and uncertainties, including, without limitation,
those set forth in the Risk Factors section of the Company's
Registration Statement and preliminary prospectus for the offering
filed with the SEC. Thus, actual results could be materially
different. The Company undertakes no obligation to update these
statements whether as a result of new information, future events or
otherwise, after the date of this release, except as required by
law.
Contact
Investor RelationsAlex ThompsonGateway Group,
Inc.(949) 574-3860hourloop@gatewayir.com
Hour Loop (NASDAQ:HOUR)
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