StockNews.AI
ITP
StockNews.AI
98 days

IT TECH PACKAGING ANNOUNCES PRICING OF $1.4 MILLION PUBLIC OFFERING

1. ITP public offering of 6.9 million shares priced at $0.20 each. 2. Expected gross proceeds of approximately $1.4 million before expenses. 3. Proceeds will be used for working capital and corporate purposes. 4. Closing date for the offering set for May 14, 2025. 5. Registration was effective since April 14, 2023.

7m saved
Insight
Article

FAQ

Why Bullish?

The offering provides immediate capital that can enhance operational capacity, seen historically as bullish during similar capital raises.

How important is it?

The capital raised can help improve financial stability and growth potential, directly impacting investor sentiment.

Why Short Term?

The effect of capital influx will be immediate, influencing stock price swiftly post-offering.

Related Companies

SWMIPWRK
, /PRNewswire/ -- IT Tech Packaging Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced the pricing of a public offering of 6,899,500 shares of its common stock at a price to the public of $0.20 per share. The gross proceeds from the offering to IT Tech Packaging are expected to be approximately $1.4 million, before deducting offering fees and expenses. The offering is expected to close on May 14, 2025, subject to customary closing conditions. Maxim Group LLC is acting as the sole placement agent for the offering. IT Tech Packaging intends to use the net proceeds of this offering for working capital and other general corporate purposes. A shelf registration statement relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exchange Commission ("SEC") on April 3, 2023, and declared effective by the SEC on April 14, 2023. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, New York, telephone (212) 895-3745 or by email at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About IT Tech Packaging, Inc. Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: www.itpackaging.cn. Forward-Looking Statements Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and ITP's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. ITP's SEC filings are available publicly on the SEC's website at www.sec.gov. ITP disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. Contacts: At the Company Email: [email protected]Tel: +86 0312 8698215 SOURCE IT Tech Packaging, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News