UPDATE: Lizhan Environmental Corporation Announces Pricing of Initial Public Offering
19 Noviembre 2010 - 2:48PM
Marketwired
Lizhan Environmental Corporation ("Lizhan" or the "Company")
(NASDAQ: LZEN), a China-based supplier of synthetic leather and
other fabrics manufactured from recycled leather waste, today
announced the pricing of its initial public offering of 2,500,000
shares at a price of $4.00 per share. The Company has granted the
underwriters an option to purchase up to an additional 375,000
ordinary shares to cover over-allotments, if any. Lizhan's ordinary
shares are expected to begin trading on November 19, 2010 on the
Nasdaq Global Market under the symbol "LZEN."
Maxim Group LLC acted as the book-running manager for the
offering, and Aegis Capital Corp. acted as the co-manager for the
offering. The offering is expected to close on November 24,
2010.
The Company intends to use the net proceeds of approximately
$7.5 million (or $8.8 million assuming the underwriters exercise
their option to purchase the over-allotment shares) to install
three production lines in their new facility to produce the new
reconstituted evergreen LZ collagen fiber leather (Evergreen
Products).
A registration statement relating to these securities has been
declared effective by the United States Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
A copy of the prospectus relating to the offering may be
obtained by contacting: Maxim Group LLC, 405 Lexington Ave, New
York, NY 10174, 800-724-0761.
About Lizhan Environmental Corporation
Lizhan Environmental Corporation manufactures, distributes and
markets synthetic leather and other fabrics from recycled leather
waste. The company's products are mainly used in furniture,
automotive and other consumer applications.
Safe Harbor Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's registration
statement on Form F-1, as amended. All information provided in this
press release is as of November 18, 2010. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
For more information, please contact: Lizhan Environmental
Corporation Angell Chang Chief Financial Officer Email: Email
Contact Silvia Liu, Secretary of the Board Phone: +86 573 8862 1268
Email: Email Contact Web: http://www.lzencorp.com Cooper Global
Communications Richard Cooper Email: Email Contact Sabrina Zhang
Email: Email Contact Phone: (212) 317 1400
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