CCSC Technology International Holdings Limited Announces Full Exercise of Over-Allotment Option
09 February 2024 - 3:00PM
CCSC Technology International Holdings Limited (the “Company” or
“CCSC”) (Nasdaq: CCTG), a Hong Kong-based company that engages in
the sale, design and manufacturing of interconnect products,
including connectors, cables and wire harnesses, today announced
the underwriters of its initial public offering (the "Offering")
have exercised their over-allotment option in full to purchase an
additional 206,250 ordinary shares at the public offering price of
US$4.00 per share. After giving effect to the full exercise of the
over-allotment option, the Company sold an aggregate 1,581,250
ordinary shares for gross proceeds of US$6.325 million, before
deducting underwriter discounts and other related expenses. The
ordinary shares began trading on the Nasdaq Capital Market on
January 18, 2024, under the ticker symbol "CCTG."
Proceeds from the Offering will be used
primarily for the following: upgrading facility and management
system (including IT system) to enhance operational efficiency and
increase production capacity; marketing efforts and expanding sales
team; research and development (including recruitment and
cultivating of engineering talents, strategic acquisitions and
collaborations); strategic acquisitions and collaborations; and
working capital and other general corporate purposes.
The Offering was conducted on a firm commitment
basis. Revere Securities LLC and R.F. Lafferty & Co., Inc. (the
“Underwriters”) acted as the Underwriters for the Offering. Hunter
Taubman Fischer & Li LLC acted as U.S. securities counsel to
the Company, and Becker & Poliakoff, LLP acted as U.S. counsel
to the Underwriters in connection with the Offering.
Registration statements on Form F-1 relating to
the Offering were filed with the U.S. Securities and Exchange
Commission (the “SEC”) (File Numbers: 333-270741 and 333-276545),
as amended, and were declared effective by the SEC on December 28,
2023 and January 17, 2024. The Offering was made only by means of a
prospectus, forming a part of the registration statement. Copies of
the final prospectus relating to the Offering may be obtained from
Revere Securities LLC, Inc. by email at
contact@reveresecurities.com, by standard mail to Revere Securities
LLC, 650 Fifth Avenue, 35th Floor, New York, NY 10019 USA, or by
telephone at (212) 688-2238; or from R.F. Lafferty & Co., Inc.
by email at offerings@rflafferty.com, by standard mail to R.F.
Lafferty & Co., Inc., 40 Wall Street, 29th Floor, New York, NY
10005 USA, or by telephone at (212) 293-9090. In addition, copies
of the final 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 such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, 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 CCSC Technology International Holdings
Limited
CCSC Technology International Holdings Limited,
is a Hong Kong-based company that engages in the sale, design and
manufacturing of interconnect products. The Company specializes in
customized interconnect products, including connectors, cables and
wire harnesses that are used for a range of applications in a
diversified set of industries, including industrial, automotive,
robotics, medical equipment, computer, network and
telecommunication, and consumer products. The Company produces both
OEM (“original equipment manufacturer”) and ODM (“original design
manufacture”) interconnect products for manufacturing companies
that produce end products, as well as electronic manufacturing
services (“EMS”) companies that procure and assemble products on
behalf of such manufacturing companies. The Company has a
diversified global customer base located in more than 25 countries
throughout Asia, Europe and the Americas. For more information,
please visit the Company’s website:
http://ir.ccsc-interconnect.com.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including, but not limited to, the
Company's proposed Offering. 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 may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
find many (but not all) of these statements by the use of words
such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue”, or other similar expressions in
this press release. 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 SEC.
For more information, please contact:
CCSC Technology International Holdings
LimitedInvestor Relations DepartmentEmail:
ir@ccsc-interconnect.com
Ascent Investor Relations LLCTina XiaoPhone:
+1-646-932-7242Email: investors@ascent-ir.com
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