XINYU, China, Jan. 29,
2024 /PRNewswire/ -- Planet Image International
Limited ("Planet Image" or the "Company") (Nasdaq: YIBO), an
export-oriented manufacturer and seller of compatible toner
cartridges based in China, the
U.S. and Europe, today announced
the closing of its initial public offering of 1,250,000 Class A
ordinary shares at a public offering price of US$4.00 per share. The Class A ordinary shares
began trading on The Nasdaq Capital Market under the ticker symbol
"YIBO" on January 25, 2024.
The Company received total gross proceeds of $5 million from the offering before deducting
underwriting discounts and other related expenses payable by the
Company. In addition, the Company has granted the underwriter a
45-day option to purchase up to an additional 187,500 Class A
ordinary shares at the public offering price, less underwriting
discounts.
The Company intends to use the net proceeds from the offering
for: i) constructing a comprehensive, multi-layer production
center; ii) research and development; iii) updating the software
systems of the Company's own websites; iv) setting up additional
warehouses in overseas locations; and v) general corporate
purposes.
The offering was conducted on a firm commitment basis. US Tiger
Securities, Inc. acted as the sole book runner for the
offering. Hunter Taubman Fischer & Li LLC acted as U.S.
counsel to the Company. VCL Law LLP acted as U.S. counsel to the
underwriter.
A registration statement on Form F-1, as amended (File
No.333-263602) (the "Registration Statement"), relating to the
offering, was filed with the U.S. Securities and Exchange
Commission ("SEC") by the Company and declared effective by the SEC
on January 24, 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 Securities, Inc., by
standard mail to US 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 Planet Image International Limited
Planet Image International Limited is an export-oriented
manufacturer and seller of compatible toner cartridges based in
China, the U.S. and Europe. It primarily develops and manufactures
toner cartridges that are compatible with, and can be used in, a
wide range of commonly available models of laser printers from
different manufacturers, or compatible toner cartridges, on a
white-label or third-party brand basis or under its self-owned
brands. It also sells its branded products through online sales
channels under three brands, TrueImage, CoolToner, and AZtech. Its
mission is to deliver high-quality and cost-effective printing
solutions to consumers around the world with its proprietary
technology, research and development capabilities and its
integrated and localized sales, logistics and service platform.
More information, please visit http://www.yibomk.com/.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical fact in this press
release 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 Planet Image International Limited