Wetouch Technology Inc. $10.8 Million Public Offering & Up-List
Meishan, Sichuan, China, Feb. 23, 2024 (GLOBE NEWSWIRE) – Wetouch Technology Inc. (Nasdaq: WETH ) (“Wetouch” or the “Company”), a Nevada company, through its wholly-owned subsidiary, engaged in the research, development, manufacturing, sales and servicing of projected capacitive touchscreens, announced today the closing of its previously announced underwritten public offering of 2,160,000 shares of common stock at a price to the public of $5.00 per share (the “Offering”). The gross proceeds to the Company from this Offering were $10.8 million, prior to deducting offering expenses, commissions and underwriting discounts. In addition, the Company granted the underwriters a 45-day option to purchase up to 324,000 additional shares of common stock at the public offering price per share, less commissions and underwriting discounts.
Proceeds from the Offering will be used for the construction of a new factory, facilities and office buildings, the purchase of two production lines in the new factory, research and development, the repayment of convertible promissory notes, and working capital and general corporate purposes.
February 20, 2024: The Company is also pleased to announce its common stock has been approved to list on The Nasdaq Capital Market (“Nasdaq”) under its current “WETH” ticker symbol.
About Wetouch Technology Inc.
Wetouch Technology Inc. is a holding company incorporated in Nevada with operations conducted by its wholly-owned subsidiary engaged in the research, development, manufacturing, sales and servicing of medium to large sized projected capacitive touchscreens. The Company specializes in large-format touchscreens, which are developed and designed for a wide variety of markets and used in the financial terminals, automotive, POS, gaming, lottery, medical, HMI, and other specialized industries.
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References:
https://www.globenewswire.com/news-release/2024/02/23/2834644/0/en/Wetouch-Technology-Inc-Announces-Closing-of-10-8-Million-Public-Offering-of-Common-Stock.html
https://www.globenewswire.com/news-release/2024/02/21/2832411/0/en/Wetouch-Technology-Inc-Announces-Pricing-of-10-8-Million-Public-Offering-of-Common-Stock-and-Concurrent-Uplisting-to-the-Nasdaq-Capital-Market.html