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New York, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”) of its client Universe Pharmaceuticals INC (NASDAQ: UPC) (the “Company”), a pharmaceutical producer and distributor in China.
Under the terms of the securities purchase agreement, the Company has agreed to sell to several institutional investors an aggregate of 18,750,000 of the Company’s ordinary shares, par value $0.28125 per share (the “Shares”), or pre-funded warrants in lieu thereof, at a purchase price of $0.80 per share. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.
The Company also agreed to issue to the same investors warrants (the “Warrants”) to purchase up to 18,750,000 ordinary shares at an exercise price of $0.80 per share. The Warrants will have a five-year term from the date of issuance.
The aggregate gross proceeds to the Company was approximately $15 million.
Univest Securities, LLC acted as the sole placement agent.
The registered direct offering was made pursuant to a shelf registration statement on Form F-3 (File No. 333-268028) previously filed by the company and declared effective by the Securities and Exchange Commission (“SEC”) on November 15, 2022. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus, can be obtained at the SEC's website at www.sec.gov.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.