Oriental Rise Holding Limited Announces Pricing of Initial Public Offering
17 October 2024 - 8:51AM
Oriental Rise Holding Limited (“Oriental Rise” or the "Company")
(NasdaqCM: ORIS), an integrated supplier of tea products in
mainland China, today announced the pricing of its initial public
offering (the "Offering") of 1,750,000 ordinary shares at a public
offering price of $4 per ordinary share, for total gross proceeds
of $7 million, before deducting underwriting discounts and offering
expenses. The Offering is being conducted on a firm commitment
basis. The ordinary shares are expected to commence trading on
Nasdaq Capital Market under the ticker symbol “ORIS” on October 17,
2024.
The Company has granted the underwriter an
option, exercisable within 45 days from the date of the
underwriting agreement, to purchase up to an additional 262,500
ordinary shares at the public offering price, less underwriting
discounts and expenses. The Offering is expected to close on
October 18, 2024, subject to customary closing conditions.
The Company intends to use the proceeds from the
Offering for: i) settlement of the outstanding amount for the
acquisition of the contractual agreement rights of some of its
existing tea gardens; ii) establishment and construction
of its new production plant; iii) acquisition of new machinery
and equipment; and iv) general corporate purposes and working
capital.
US Tiger Securities, Inc. is acting as sole book
runner for the Offering. The Crone Law Group is acting as counsel
to the Company. VCL Law LLP is acting as counsel to the underwriter
with respect to the Offering.
A registration statement on Form F-1, as amended
(File No. 333-274976), relating to the Offering was previously
filed with the Securities and Exchange Commission (“SEC”) by the
Company, and subsequently declared effective by the SEC on
September 30, 2024. The Offering is being made only by means of a
prospectus, forming a part of the registration statement. A final
prospectus relating to the Offering will be filed with the SEC and
will be available on the SEC's website at www.sec.gov. Electronic
copies of the final prospectus related to the Offering may be
obtained, when available, from US Tiger Securities, Inc., 437
Madison Avenue, 27th Floor, New York, New York 10022, or by
telephone at +1 646-978-5188.
Before you invest, you should read the final
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the Offering. This press release shall not constitute an offer to
sell or the 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 offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Oriental Rise Holding
Limited
Oriental Rise Holding Limited is an integrated
supplier of tea products in mainland China. Our major tea products
include (i) primarily-processed tea consisting of white tea and
black tea, and (ii) refined white tea and black tea. Our business
operations are vertically integrated, covering cultivation,
processing of tea leaves and the sale of tea products to tea
business operators (such as wholesale distributors) and end-user
retail customers in mainland China. We operate tea gardens located
in Zherong County, Ningde City in Fujian Province of mainland
China. For more information, visit the Company's website at
https://ir.mdhtea.cn/.
Forward-Looking Statements
All statements other than statements of
historical fact 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 current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update 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 in its
other filings with the SEC.
For more information, please
contact:
Investor Relations: Sherry ZhengWeitian Group
LLCPhone: 718-213-7386Email: shunyu.zheng@weitian-ir.com
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