SINGAPORE, April 23,
2024 /PRNewswire/ -- Tungray Technologies Inc (the
"Company" or "Tungray") (NasdaqCM: TRSG), a provider of customized
industrial manufacturing solutions to Original Equipment
Manufacturers (OEMs) in the semiconductors, printers, electronics,
and home appliances industries, today announced the closing of its
initial public offering (the "Offering") of 1,250,000 Class A
ordinary shares at a public offering price of $4 per share. The Class A ordinary shares began
trading on Nasdaq Capital Market under the ticker symbol "TRSG" on
April 19, 2024.
The Company received aggregate gross proceeds of $5 million from the Offering, before deducting
underwriting discounts and other related expenses. In addition, the
Company has granted the underwriter an option, exercisable within
45 days from the effective date of the Company's registration
statement, to purchase up to an additional 187,500 ordinary shares
at the public offering price, less underwriting discounts and
commissions. The Offering was conducted on a firm commitment
basis.
US Tiger Securities, Inc. ("US Tiger") acted as sole book runner
for the Offering. Robinson & Cole LLP served as U.S. counsel to
the Company. VCL Law LLP served as U.S. counsel to the
underwriter.
A registration statement on Form F-1, as amended (File No.
333-270434) relating to the Offering was previously filed with the
Securities and Exchange Commission ("SEC") by the Company, and was
declared effective by the SEC on March 28,
2024. The Offering is being made only by means of a
prospectus, forming a part of the registration statement. A final
prospectus relating to the Offering has been filed with the SEC and
is available on the SEC's website at www.sec.gov. Electronic
copies of the final prospectus related to the Offering may be
obtained from US Tiger, by standard mail to U.S Tiger Securities,
Inc., 437 Madison Avenue, 27th Floor, New
York, New York 10022, or by telephone at +1
646-978-5188.
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 Tungray Technologies Inc
Tungray Technologies Inc is an engineer-to-order ("ETO") company
that provides customized industrial manufacturing solutions to OEMs
in the semiconductors, printers, electronics, and home appliances
industries. With research, development and manufacturing bases in
Singapore and China, Tungray designs, develops, and delivers
a wide range of industrial products ranging from customized
manufacturing machineries, direct drive and linear direct current
motors, to induction welding equipment. As an ETO company with more
than two decades of experience, Tungray takes pride in its ability
to deliver quality customized industrial solutions that fulfil its
customers' unique needs and specifications. For more information,
visit the Company's website at http://tungray.tech/.
Forward-Looking Statements
All statements other than statements of historical fact in
this announcement are forward-looking statements. 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. 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, please contact:
Investor Relations:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com
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SOURCE Tungray Technologies Inc