BEIJING, Feb. 1, 2021
/PRNewswire/ -- TIAN RUIXIANG Holdings Ltd (the "Company"), a
China-based insurance broker,
today announced the closing of its initial public offering
("Offering") of 3,000,000 Class A ordinary shares at a public
offering price of US$ 4 per share.
The Company received aggregate gross proceeds of US$ 12 million from this 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 450,000 Class A ordinary shares at
the public offering price.
The Class A ordinary shares commenced trading on the Nasdaq
Capital Market on January 27, 2021
under the ticker symbol "TIRX."
Proceeds from the Offering will be used for opening up new
branches; research, development and operational investment on the
Company's new Internet insurance center, and general working
capital.
Network 1 Financial Securities, Inc. and Brilliant Norton
Securities Company Limited acted as the underwriters for the
Offering. Hunter Taubman Fischer
& Li LLC acted as counsel to the Company, and VCL Law LLP acted
as counsel to Network 1 Financial Securities, Inc. in connection
with the Offering.
A registration statement on Form F-1 relating to the Offering
was filed with the Securities and Exchange Commission ("SEC") (File
Number: 333-235727) and was declared effective by the SEC on
January 26, 2021. The Offering is
being 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 Network 1 Financial Securities,
by email at jsun@netw1.com, by calling +1 (800)-886-7007 or
standard mail to Network 1 Financial Securities, 2 Bridge Avenue,
Suite 241 Red Bank, NJ 07701. In
addition, a copy of the prospectus relating to the Offering may be
obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the 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 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 TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker
operating in China. It distributes
a wide range of insurance products, which are categorized into two
major groups: (1) property and casualty insurance, such as
automobile insurance, commercial property insurance, liability
insurance; and (2) life insurance, such as individual and group
life insurances. For more information, visit the company's website
at http://ir.tianrx.com/..
Forward-Looking Statements
All statements other than statements of historical fact in
this announcement are forward-looking statements. 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. 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:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com
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SOURCE TIAN RUIXIANG Holdings Ltd
