Full Press Release Details
Universe Pharmaceuticals
INC Announces Full Exercise of Underwriter's Over-Allotment Option in the Public Offering
Ji'an, Jiangxi, China, March 31, 2021 -
Universe Pharmaceuticals INC (the "Company") (Nasdaq: UPC), a pharmaceutical producer and distributor in China, today announced
the underwriter of its previously announced initial public offering of ordinary shares (the "Offering") has exercised in full
its option to purchase an additional 750,000 ordinary shares at the public offering price of $5.00 per share to cover overallotments,
resulting in additional gross proceeds of $3.75 million. After giving effect to the full exercise of the over-allotment option, the total
number of shares sold by the Company in the Offering increased to 5.75 million shares and gross proceeds increased to $28.75 million.
The exercise of the over-allotment option closed on March 31, 2021.
Proceeds from the Offering will be used for
upgrading and expanding the Company's manufacturing facilities, conducting research and development, branding, advertising and marketing,
and for working capital and general corporate purposes.
The Offering was conducted on a firm commitment
basis. Univest Securities, LLC acted as the underwriter and book-running manager for the Offering. Hunter Taubman Fischer & Li LLC
acted as counsel to the Company, and Pryor Cashman LLP acted as counsel to Univest Securities, LLC 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: 333-248067) and was declared effective
by the SEC on March 22, 2021. This 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 Univest Securities, LLC, by email at IBAssistDesk@univest.us or
standard mail to Univest Securities, LLC, Attn: 375 Park Avenue, 15th Floor, New York, NY 10152. 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 Universe Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered
in Ji'an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the manufacturing, marketing,
sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal of addressing their physical
conditions in the aging process and to promote their general well-being. The Company also distributes and sells biomedical drugs, medical
instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies. Currently,
the Company's products are sold in 30 provinces of China. For more information, visit the company's website at http://www.universe-pharmacy.com/.
About Univest Securities,
Registered with FINRA
since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including
brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please
visit: www.univest.us.
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,
Ascent Investors Relations
Email: tina.xiao@ascent-ir.com