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Car Product Online Marketplace Car House Announces Terms for $27 Million US IPO

Esther Thin

Car House Holding Co., Limited which operates an online B2B marketplace for car products and a supplier of auto perfume in China, has filed Amendment No 1 to Form F-1 Registration Statement on July 24, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $27 million by offering 3.9 million shares at a price range of $6.50 to $7.50. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $79 million. The Guangdong, China-based company was founded in 2004 and booked $35 million in sales for the 12 months ended December 31, 2019.

The company plans to list on the Nasdaq Capital Market under the symbol “CARH.” Network 1 Financial Securities, Inc. is the sole bookrunner on the deal.

The company engages Ellenoff Grossman& Schole LLP as US Securities Counsel, Friedman LLP as Independent Auditor and China Research and Intelligence Co., Ltd as Independent Market Researcher. Among the risks noted in its Form F-1 Registration Statement on June 12, 2020, the company may face delisting if the bill to subject Chinese listings to PCAOB standards, currently reviewed by U.S. Congress, is implemented.

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