Erayak Power Solution Group Inc. (“Erayak” or the
“Company”) (Nasdaq: RAYA), a leading manufacturer,
designer, and exporter of high-quality products in the power supply
industry, announced the pricing of its initial public offering of 3
million Class A ordinary shares at a public offering price of $4.00
per share, for total gross proceeds of $12 million, before
deducting underwriting discounts, commissions, and other related
expenses on December 13, 2022. In addition, Erayak has granted the
underwriters a 45-day option to purchase up to an additional
450,000 ordinary shares at the public offering price, less
underwriting discount, and commissions.
The Class A ordinary shares start trading on the
Nasdaq Capital Market on December 14, 2022, under the ticker symbol
"RAYA." The offering is expected to close on or about December 16,
2022, subject to customary closing conditions.
Craft Capital Management LLC and R.F. Lafferty & Co., Inc.
are acting as co-underwriters and joint book-runners for the
offering. Ortoli Rosenstadt LLP is acting as counsel to the
Company, and VCL Law LLP is acting as counsel to the
underwriters.
A registration statement relating to the
securities being sold in this offering was declared effective by
the Securities and Exchange Commission on December 13, 2022. Copies
of the registration statement can be accessed through the SEC’s
website at www.sec.gov. This offering is being made only by means
of a written prospectus, forming a part of the effective
registration statement. Copies of the final prospectus relating to
the initial public offering can be obtained, when available, from:
Craft Capital Management LLC, Attention: Richard Rizzuto, 377 Oak
Street, Lower Concourse, Garden City, NY 11530 or by email
rrizzuto@craftcm.com; R.F. Lafferty & Co., Inc., Attention:
John Heidenreich, 40 Wall Street, 29th Floor, New York, NY 10005,
or by email at JHeidenreich@rflafferty.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, 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 Erayak Power Solution Group Inc.
Erayak specializes in the manufacturing,
research and development, and wholesale and retail of power
solution products. Erayak’s product portfolio includes sine wave
and off-grid inverters, inverter and gasoline generators, battery
and smart chargers, and custom-designed products. Our products are
used principally in agricultural and industrial vehicles,
recreational vehicles, electrical appliances, and outdoor living
products. Our goal is to be the premier power solutions brand and a
solution for mobile life and outdoor living. For more information,
visit www.erayakpower.com.
Safe Harbor Statement
This press release contains forward-looking
statements. In addition, from time to time, we or our
representatives may make forward-looking statements orally or in
writing. We base these forward-looking statements on our
expectations and projections about future events, which we derive
from the information currently available to us. Such
forward-looking statements relate to future events or our future
performance, including: our financial performance and projections;
our growth in revenue and earnings; and our business prospects and
opportunities. You can identify forward-looking statements by those
that are not historical in nature, particularly those that use
terminology such as “may,” “should,” “expects,” “anticipates,”
“contemplates,” “estimates,” “believes,” “plans,” “projected,”
“predicts,” “potential,” or “hopes” or the negative of these or
similar terms. In evaluating these forward-looking statements, you
should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our
actual results to differ materially from any forward-looking
statement. Forward-looking statements are only predictions. The
forward-looking events discussed in this press release and other
statements made from time to time by us or our representatives, may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties, and assumptions about
us. We are not obligated to publicly update or revise any
forward-looking statement, whether as a result of uncertainties and
assumptions, the forward-looking events discussed in this press
release and other statements made from time to time by us or our
representatives might not occur.
Underwriter Contact
information:
John Heidenreich, CFA Director of Investment
BankingR. F. Lafferty & Co., Inc.40 Wall Street, 29th Floor,
New York, NY 10005Phone: 212.293.9015www.RFLafferty.com
Craft Capital Management, LLCStephen
KirontJeffrey Zheng377 Oak Street, Lower Concourse Garden City, NY
11530Member FINRA SIPC MSRBPhone: 516-833-1325www.craftcm.com
Investor Relations Contact:
Skyline Corporate Communications Group, LLCLisa
Gray, Senior Account ManagerOne Rockefeller Plaza, 11th FloorNew
York, NY 10020Office: (646) 893-5835
Email: lisa@skylineccg.com
Erayak Power Solution (NASDAQ:RAYA)
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