Richtech Robotics Inc., (Nasdaq: RR) today announced the pricing of its upsized initial public offering of 2,100,000 shares of its Class B common stock at a price of $5.00 per share. The offering was upsized from 2,000,000 shares.
The gross proceeds to Richtech Robotics from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the Company, are expected to be $10.5 million. In addition, the Company has granted the underwriters a 45-day option from the closing of the Offering to purchase up to an additional 315,000 shares of Class B common stock at the public offering price, less underwriting discounts. The offering is expected to close on November 21, 2023 subject to the satisfaction of customary closing conditions. The shares are expected to begin trading on the Nasdaq Capital Market on November 17, 2023 under the symbol "RR."
R. F. Lafferty & Co., Inc. is acting as sole book-running manager for the offering. Revere Securities LLC is acting as co-underwriter for the offering.
The Company expects to use the net proceeds from the sale of the shares for research and development, with a particular focus on developing and optimizing robots for various vertical applications, investment in inventory, and marketing and promotion. The Company may also use a portion of the net proceeds from the offering as supplement working capital.
In addition, up to 1,000,000 shares of Cass B common stock may be offered by nine selling stockholders pursuant to the prospectus. These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection any sales they may make. The Company will not receive any proceeds from sales by the selling stockholders.
A registration statement relating to the securities being sold in this offering have been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on November 13, 2023. A copy of the registration statements can be accessed through the SEC's website at www.sec.gov. This offering is being made only by means of a prospectus forming part of the registration statement relating to these securities. When available, a copy of the final prospectus relating to this offering may be obtained from: Equity Capital Markets, R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, by telephone: 212-293-9090, or by email at: offerings@rflafferty.com.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the offering.