Addentax Group, which manufactures textiles and garments and provides logistics services in China, raised the proposed deal size for its upcoming Nasdaq uplisting on Friday.
The Shenzhen, China-based company now plans to raise $25 million by offering 5 million shares at a price of $5, below the last close of its shares on the OTC (ATXG). The company had previously filed to offer 2 million shares at the same price. At the revised deal size, Addentax Group will raise 150% more in proceeds than previously anticipated.
The company's garment manufacturing business consists of sales made principally to wholesalers located in China. It's logistics services business consists of delivery and courier services covering approximately 79 cities in approximately seven provinces and two municipalities in China, with a target to develop an additional 20 logistics points in existing serving cities in the fiscal year ending 2021.
Addentax Group was founded in 2014 and booked $24 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol ATXG. Network 1 Financial Securities is the sole bookrunner on the deal.
