CCSC Technology International Holdings Limited Announces Closing of Initial Public Offering

CCSC Technology International Holdings Limited
CCSC Technology International Holdings Limited

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Hong Kong, Jan. 22, 2024 (GLOBE NEWSWIRE) -- CCSC Technology International Holdings Limited (the “Company” or “CCSC”) (Nasdaq: CCTG), a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced the closing of its initial public offering (the “Offering”) of 1,375,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on January 18, 2024, under the ticker symbol “CCTG.”

The Company received aggregate gross proceeds of US$5.5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 206,250 ordinary shares at the public offering price, less underwriting discounts.

Proceeds from the Offering will be used primarily for the following: upgrading facility and management system (including IT system) to enhance operational efficiency and increase production capacity; marketing efforts and expanding sales team; research and development (including recruitment and cultivating of engineering talents, strategic acquisitions and collaborations); strategic acquisitions and collaborations; and working capital and other general corporate purposes.

The Offering was conducted on a firm commitment basis. Revere Securities LLC and R.F. Lafferty & Co., Inc. (the “Underwriters”) acted as the Underwriters for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company, and Becker & Poliakoff, LLP acted as U.S. counsel to the Underwriters in connection with the Offering.

Registration statements on Form F-1 relating to the Offering were filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Numbers: 333-270741 and 333-276545), as amended, and were declared effective by the SEC on December 28, 2023 and January 17, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Revere Securities LLC, Inc. by email at [email protected], by standard mail to Revere Securities LLC, 650 Fifth Avenue, 35th Floor, New York, NY 10019 USA, or by telephone at (212) 688-2238; or from R.F. Lafferty & Co., Inc. by email at [email protected], by standard mail to R.F. Lafferty & Co., Inc., 40 Wall Street, 29th Floor, New York, NY 10005 USA, or by telephone at (212) 293-9090. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.