HONG KONG, July 19 (Bernama-BUSINESS WIRE) -- Regencell Bioscience Holdings Limited (NASDAQ:RGC) (“Regencell” or the “Company”), an early-stage bioscience company that focuses on research, development and commercialization of Traditional Chinese Medicine (“TCM”) for the treatment of neurocognitive disorders and degeneration, specifically Attention Deficit Hyperactivity Disorder (“ADHD”) and Autism Spectrum Disorder (“ASD”), today announced the pricing of its initial public offering (“Offering”) of 2,300,000 ordinary shares at a public offering price of $9.50 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on July 16, 2021 under the ticker symbol “RGC.”
Regencell expects to receive aggregate gross proceeds of approximately $21.9 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 345,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about July 20, 2021, subject to the satisfaction of customary closing conditions. Proceeds from the Offering will be used to fund the second research study, the Company’s TCM formulae and products, staff salaries, facilities rental, renovations and equipment, product and intellectual property registrations, and working capital and other general corporate purposes. The Offering is being conducted on a firm commitment basis. Maxim Group LLC is acting as sole book-running-manager for the Offering. Hunter Taubman Fischer & Li LLC is acting as counsel to the Company, and Loeb & Loeb LLP is acting as counsel to Maxim Group LLC in connection with the Offering. A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-254571) and was declared effective by the SEC on July 15, 2021. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Maxim Group LLC, 300 Park Ave, 16th Floor, New York, NY 10022, at (212) 895-3745. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov. mrem.bernama.com/viewsm.php?idm=40560
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