WORK Medical Technology Group LTD (WOK) has announced the pricing of a registered public offering of 10 million Ordinary Units or Pre-funded Units at $0.50 and $0.4995 per unit, respectively.
The offering is expected to raise gross proceeds of approximately $5.0 million, before underwriting discounts and expenses.
Each Ordinary Unit consists of one Class A ordinary share, one Series A warrant, and one Series B warrant.
Each Pre-funded Unit consists of one pre-funded warrant, one Series A warrant, and one Series B warrant. All warrants are immediately exercisable.
The Series A and B warrants carry an exercise price of $1.00 per share, with expiration periods of 12 months and 3 months, respectively. Pre-funded warrants do not expire until fully exercised.
Proceeds from the offering will be used to upgrade production equipment, invest in research and development at the company's PRC subsidiaries, and hire experienced personnel to strengthen internal controls and compliance with U.S. GAAP and the Sarbanes-Oxley Act.
Additional funds will support working capital and general corporate purposes.
The offering is being conducted on a firm commitment basis, with Univest Securities, LLC serving as the sole book-running manager.
WORK Medical Technology Group LTD, through its subsidiary Work (Hangzhou) Medical Treatment Equipment Co., Ltd., develops and manufactures Class I and II medical devices in China. The company's product line includes 21 devices, such as customized and multifunctional masks and other consumables. Seventeen of its products are registered with the U.S. FDA, enabling access to the U.S. market.
The company continues to pursue international growth, enhanced manufacturing capabilities, and strengthened regulatory compliance as part of its broader strategy in the global medical device industry.
Currently, WOK is trading at $0.66, up by 52.54 percent on the Nasdaq.
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