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China New Energy Vehicle Retailer Jiuzi Holdings Raised $26 Million

Esther Thin

Jiuzi Holdings Inc, a new energy vehicle retailer in China, raised $26 million by offering 5.2 million ADSs at $5, the midpoint of the proposed range of $4 to $6.

The company plans to raise $25 million by offering 5 million shares at the price range of $4 to $6. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $100 million.

The China company sells new energy vehicles, or NEVs, mostly battery-operated electric vehicles and others are plug-in electric vehicles in third-fourth tier cities in China. The company has 18 operating franchise stores and one company-owned store in China as of the date of its prospectus.

The Hangzhou, China-based company was founded in 2017 and booked $5 million in revenue for the 12 months ended April 30, 2020. It plans to list on the Nasdaq Capital Market under the symbol “JZXN.”.” Boustead Securities is underwriter of the IPO.

The company engages Maples and Calder LLP as US Securities Counsel, and WWC, P.C as Independent Auditor. #ipo #nasdaq #electricvehicle #chineseissuer #jiuziholdings #carretailer




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