Hanryu Holdings, Inc. (HRYU), a media-tech company and creator of FANTOO, an all-in-one social media experience connecting k-culture fans globally, announced today the pricing of its initial public offering of 877,328 shares of common stock at a public offering price of $10.00 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $8.8 million, excluding any exercise of the underwriter's over-allotment option. The offering is expected to close on August 3, 2023, subject to customary closing conditions.
In addition, Hanryu has granted Aegis Capital Corp. ("Aegis") a 45-day option to purchase up to 131,599 additional shares of common stock at the public offering price, less underwriting discounts and commissions. If Aegis exercises the option in full, the aggregate proceeds of the offering and over-allotment are expected to be approximately $10.1 million, before deducting underwriting discounts and commissions and offering expenses.
The net proceeds from the initial public offering are expected to be used for working capital and general corporate purposes, including engineering and technology, sales and marketing, and capital expenditures. The Company also announced that, in connection with the offering, its common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on the Nasdaq Capital Market under the symbol "HRYU" on August 1, 2023.
Aegis Capital Corp. is acting as the sole book-running manager for the Offering.
The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from Aegis Capital Corporation, 1345 Avenue of the Americas, 27th Floor, New York, NY 10105, by e-mail at syndicate@aegiscap.com or by telephone at (212) 813-1010, or on the SEC's website, www.sec.gov.
A registration statement on Form S-1 (No. 333-269419) relating to these securities was declared effective on July 31, 2023 by the U.S. Securities and Exchange Commission (the "SEC"). Copies of the registration statement, as amended, can be accessed through the SEC's website at www.sec.gov.
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.