Hongli Group Inc. - Ordinary Shares (HLP)

WEIFANG, CHINA, May 02, 2023 (GLOBE NEWSWIRE) -- Hongli Group Inc. (the "Company") (NASDAQ: HLP) today announced that the underwriter in its initial public offering (the "Offering"), exercised the over-allotment option in full to purchase 309,375 ordinary shares of the Company at $4.00 per share for total gross proceeds of $1,237,500 before deducting underwriting discounts and commissions.

Hongli Group (NASDAQ: HLP) has closed its initial public offering of 2,062,500 ordinary shares, each at a public offering price of $4.00, for total gross proceeds of $8.25 million before deducting underwriting discounts and offering expenses. The offering was conducted on a firm commitment basis. In addition, Hongli Group granted the underwriters an option, exercisable within 45 days from the effective date of the company’s registration statement on Form F-1 (File No. 333-261945), as amended, in connection with the offering, to purchase up to an additional 309,375 ordinary shares at the public offering price, less underwriting discounts and commissions, to cover over-allotment, if any. The offering closed on March 31, 2023, and the ordinary shares began trading on the Nasdaq Capital Market under the ticker symbol HLP on March 29, 2023. EF Hutton, division of Benchmark Investments LLC, acted as sole book-running manager for the offering. Robinson & Cole LLP acted as U.S. securities counsel to the company, and Nelson Mullins Riley & Scarborough LLP acted as counsel to the underwriters. East & Concord Partners acted as China counsel to the company. ARC Group Limited served as financial advisor to the company.

WEIFANG, CHINA, March 31, 2023 (GLOBE NEWSWIRE) -- Hongli Group Inc. (the "Company") (NASDAQ: HLP) today announced the closing of its initial public offering (the "Offering") of 2,062,500 ordinary shares (the "Ordinary Shares") at a public offering price of $4.00 per share for total gross proceeds of $8.25 million before deducting underwriting discounts and offering expenses. The Company is a holding company that, through a series of contractual arrangements, consolidates the financial results of Shandong Hongli Special Section Tube Co., Ltd. and its subsidiaries, which is one of the leading cold roll formed steel profile manufacturers in China with respect to function innovation, performance improvement, and customized manufacturing of the products, according to China Sub-Association for Cold Formed Steel Industries, a professional industrial association.