Full Press Release Details
Universe Pharmaceuticals INC Announces
Pricing and Trading of Initial Public Offering
Ji'an, Jiangxi, China, March 23,
2021 - Universe Pharmaceuticals INC (the "Company"), a pharmaceutical producer and distributor in China, today
announced the pricing of its initial public offering ("Offering") of 5,000,000 ordinary shares at a public offering
price of US$5.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Global Market and commenced
trading today under the ticker symbol "UPC".
The Company expects to receive aggregate
gross proceeds of US$25 million from this Offering, before deducting underwriting discounts and other related expenses. In addition,
the Company has granted the underwriter a 45-day option to purchase up to an additional 750,000 ordinary shares at the public offering
price, less underwriting discounts. The Offering is expected to close on or about March 25, 2021, subject to the satisfaction of
customary closing conditions.
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 is being conducted on a firm
commitment basis. Univest Securities, LLC is acting as the underwriter and book-running manager for the Offering. Hunter Taubman
Fischer & Li LLC is acting as counsel to the Company, and Pryor Cashman LLP is acting 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. 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 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/.
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, 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,
Email: tina.xiao@ascent-ir.com