SHENZHEN, China, March 17,
2023 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq:
IZM) (the "Company" or "ICZOOM"), a B2B e-commerce trading platform
primarily engaged in sales of electronic component products in
Hong Kong and mainland
China, today announced the closing
of its initial public offering (the "Offering") of 1,500,000 Class
A ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A
ordinary shares began trading on the Nasdaq Capital Market on
March 15, 2023 under the ticker
symbol "IZM."
The Company received aggregate gross proceeds of US$6 million from the Offering, before deducting
underwriting discounts and other related expenses. In addition, the
Company has granted the underwriters a 45-day option to purchase up
to an additional 225,000 Class A ordinary shares at the public
offering price after the effective date of the registration
statement, less underwriting discounts.
Proceeds from the Offering will be used for sales and marketing,
research and development, logistics and warehousing capabilities,
and working capital.
The Offering was conducted on a firm commitment basis. The
Benchmark Company, LLC acted as the sole bookrunning manager for
the Offering. FT Global Capital, Inc. acted as the financial
adviser in connection with this Offering.
Robinson & Cole LLP acted as the U.S. securities counsel to
the Company, and ArentFox Schiff LLP acted as the U.S. counsel to
The Benchmark Company, LLC in connection with the Offering.
A registration statement on Form F-1 relating to the Offering
was filed with the U.S. Securities and Exchange Commission ("SEC")
(File Number: 333-259012) and was declared effective by the SEC on
March 14, 2023. The Offering was made
only by means of a prospectus. Copies of the prospectus relating to
the Offering may be obtained from The Benchmark Company, LLC, 150
East 58th Street, 17th floor, New York,
NY 10155, by email at prospectus@benchmarkcompany.com,
or by calling +1 (212)-312-6700. In addition, copies of the
prospectus relating to the Offering may be obtained via the SEC's
website at www.sec.gov.
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 there be any offer, solicitation or sale of any of the
Company's 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 such state or
jurisdiction.
About ICZOOM Group Inc.
ICZOOM Group Inc. is primarily engaged in sales of electronic
component products to customers in Hong
Kong and mainland China
through its B2B e-commerce trading platform. These products are
primarily used by China based
small and medium-sized enterprises ("SMEs") in the consumer
electronic industry, Internet of Things ("IoT"), automotive
electronics and industry control segments. By utilizing latest
technologies, the Company's platform collects, optimizes and
presents product offering information from suppliers of all sizes,
all transparent and available to its SME customers to compare and
select. In addition to the sales of electronic component products,
the Company also provides services to customers such as temporary
warehousing, logistic and shipping, and customs clearance. For more
information, please visit the Company's website:
http://ir.iczoomex.com/index.html.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "anticipate," "estimate," "plan," "project," "continuing,"
"ongoing," "expect," "we believe," "we intend," "may," "should,"
"will," "could" and similar expressions. The Company undertakes no
obligation to update or revise publicly any 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 other filings with the
U.S. Securities and Exchange Commission.
For more information, please contact:
ICZOOM Group Inc.
Investor Relations Department
Phone: +86-(755) 88603072
Email: investors@iczoom.com
Ascent Investors Relations LLC
Tina Xiao
Phone: +1 917 609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE ICZOOM Group Inc.