Hour Loop, Inc. Announces Closing of $6.9 Million Initial Public Offering and Full Exercise of Underwriter’s Over-Allotment Option
11 Enero 2022 - 3:05PM
Hour Loop, Inc. (Nasdaq:HOUR) (“Hour Loop” or the “Company”), a
leading online retailer, today announced the closing of its initial
public offering of 1,725,000 shares of common stock (the “Common
Stock”), which included the full exercise of the underwriter’s
over-allotment option, at a public offering price of $4.00 per
share, for aggregate gross proceeds of $6.9 million, prior to
deducting underwriting discounts, commissions, and other offering
expenses.
The Company’s Common Stock began trading on the
Nasdaq Capital Market on January 7, 2022, under the symbol
“HOUR”.
EF Hutton, division of Benchmark Investments,
LLC ("EF Hutton”), acted as sole book-running manager for the
offering.
Anthony L.G., PLLC acted as legal counsel to
Hour Loop and Pryor Cashman LLP acted 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 was filed with the SEC
and is 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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