Full Press Release Details
Jin Medical International Ltd. Announces Pricing of $8,000,000 Initial
Changzhou City, China, Mar. 27, 2023 - Jin
Medical International Ltd. (the "Company" or "JinMed") (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese
operating entities that manufacture and develop wheelchairs and living aids products, today announced the pricing of its initial public
offering (the "Offering") of 1,000,000 ordinary shares (the "Ordinary Shares") at a public offering price of $8.00
per share for total gross proceeds of $8,000,000, before deducting underwriting discounts and offering expenses. The Ordinary Shares have
been approved for listing on The Nasdaq Capital Market and are expected to commence trading on March 28, 2023, under the ticker symbol
The Company has granted the underwriters an option,
within 45 days from the closing date of the Offering, to purchase up to an additional 150,000 Ordinary Shares at the public offering price,
less underwriting discounts, to cover over-allotment, if any.
The Offering is expected to close on March 30,
2023, subject to customary closing conditions.
Prime Number Capital, LLC is acting as the sole
bookrunner for the Offering. SBI China Capital Financial Services Limited is acting as the co-manager for the Offering. Hunter Taubman
Fischer & Li LLC is acting as counsel to the Company, and Kaufman & Canoles, P.C. is acting as counsel to the underwriters.
The Company intends to use the proceeds from this
Offering for i) research and development activities, including expanding its research and development team, improving existing products'
engineering and developing new products; ii) promotion and marketing activities, including the development, operations, and marketing
of Company's online platform; iii) increasing production capacities, including expanding and upgrading production lines and facilities;
iv) acquiring upstream and downstream companies manufacturing wheelchairs and living aids products, including parts manufacturers; and
v) general corporate purposes.
A registration statement on Form F-1 (File No.
333-259767) relating to the Offering, as amended, has been filed with the Securities and Exchange Commission (the "SEC") and
was declared effective by the SEC on March 27, 2023. The Offering is being made only by means of a prospectus. Copies of the final prospectus
related to the Offering may be obtained, when available, from Prime Number Capital, LLC by email at info@pncps.com or via standard mail
to Prime Number Capital, LLC, Prospectus Department, 14 Myrtle Drive, Great Neck, NY 11021. In addition, a copy of the final prospectus
can also be obtained via the SEC's website at www.sec.gov.
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 Jin Medical International Ltd.
in 2006 and headquartered at Changzhou City, Jiangsu Province of China, the Company, through its Chinese operating entities, designs and
manufactures wheelchairs and living aids products for people with disabilities, the elderly, and people recovering from injuries. The
Company's Chinese operating entities operate 2 manufacturing plants with approximately 228,257 square feet in the aggregate in Changzhou
City and Taizhou City, Jiangsu Province, China. The Company's Chinese operating entities have established relationships with over
40 distributors in China, and over 20 in the other regions of the world where it currently sells the products. The majority of its wheelchair
products, with more than 30 models, are sold to dealers in Japan and China, including Nissin Medical Industries Co., Ltd, one of the largest
medical device distributors in Japan. The Company's Chinese operating entities own 106 patents and are in the process of registering
22 additional patents with the Patent Administration Department of the People's Republic of China and continuously deliver innovative
wheelchair designs that are both lightweight and ergonomic each year. For more information, please visit: http://www.zhjmedical.com.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate," "project,"
"estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.
These forward-looking statements include, without limitation, the Company's statements regarding the expected trading of its Ordinary
Shares on the Nasdaq Capital Market and the closing of the Offering. Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in
the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties
related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed
in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed
in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Prime Number Capital LLC
Ms. Xiaoyan Jiang, Chairwoman
Wealth Financial Services LLC
Email: services@wealthfsllc.com
Phone: +86 13811768599