Full Press Release Details
WORK Medical Technology Group LTD Announces
Pricing of Initial Public Offering
Hangzhou, China, August 23, 2024 -- WORK Medical
Technology Group LTD (the "Company"), a supplier of medical devices in China, today announced the pricing of the initial public
offering (the "Offering") of its 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary
shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on August 23, 2024 under the ticker
The Company expects to receive aggregate gross
proceeds of US$8.00 million from the 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 300,000 ordinary shares at the public offering price, less
underwriting discounts. The Offering is expected to close on or about August 26, 2024, subject to the satisfaction of customary closing
Proceeds from the Offering will be used for (i) upgrading
production equipment and increasing production capacity, (ii) developing masks, other medical consumables and medical devices, (iii) product
marketing, (iv) patent purchases, (v) working capital and other general corporate purposes.
The Offering is being conducted on a "firm
commitment" basis. Kingswood Capital Partners, LLC ("Kingswood") is acting as the sole book running manager for the Offering.
Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the Company, and Ortoli Rosenstadt LLP is acting as U.S. counsel to Kingswood
in connection with the Offering.
A registration statement on Form F-1 relating
to the Offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") (File Number: 333-271474) and was
declared effective by the SEC on August 22, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration
statement relating to the Offering. Copies of the prospectus relating to the Offering may be obtained from Kingswood at: 7280 W Palmetto
Park Rd. Suite 301, Boca Raton, FL 33433, or by email at lciervo@kingswoodus.com, or by telephone at +1-800-535-6981. 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 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 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 WORK Medical Technology Group LTD
WORK Medical Technology Group LTD is a supplier
of medical devices that develops and manufactures Class I and II medical devices and sells Class I and II disposable medical devices through
operating subsidiaries in China. The Company has a diverse product portfolio comprising 21 products including customized and multifunctional
masks and other medical consumables. All the products have been sold in 34 provincial-level administrative regions in China, with 15 of
them sold in more than 30 countries worldwide. The Company received a number of quality-related manufacturing designations and registered
17 products with the U.S. Food and Drug Administration allowing their products to enter the U.S. market. For more information, please
visit the Company's website: https://www.workmedtech.com/corporate.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements may be identified by words such as "aims," "anticipates," "believes," "could,"
"estimates," "expects," "forecasts," "goal," "intends," "may," "plans,"
"possible," "potential," "seeks," "will," and variations of these words or similar expressions
that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical
fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding
completion, timing and anticipated size of the initial public offering and the expected commencement of trading on Nasdaq.
Any forward-looking statements in this press
release are based on the Company's current expectations, estimates and projections only as of the date of this release and are subject
to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied
by such forward-looking statements. These risks and uncertainties include, but are not limited to, completion of the proposed initial
public offering on the anticipated terms, or at all, market conditions and the satisfaction of customary closing conditions related to
the initial public offering. 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 set forth
in the Company's registration statement on Form F-1 and other documents filed by the Company with the SEC. The Company explicitly disclaims
any obligation to update any forward-looking statements except to the extent required by law.
For more information, please contact:
WORK Medical Technology Group LTD
Investor Relations Department
Email: ir@workmedtech.com
Ascent Investor Relations LLC
Phone: +1-646-932-7242
Email: investors@ascent-ir.com