Addentax Group, which manufactures textiles and garments and provides logistics services in China, raised $25 million by offering 5 million shares at $5, below the last close of its shares on the OTC ($7.50).
The company's garment manufacturing business consists of sales made principally to wholesalers located in China. Its logistics services business consists of delivery and courier services covering 79 cities in seven provinces and two municipalities in China, with a target to develop an additional 20 logistics points in existing serving cities in 2023.
Addentax Group plans to list on the Nasdaq under the symbol ATXG. Network 1 Financial Securities acted as sole bookrunner on the deal.
