Filings for new U.S. listings - 4/25/2024
Neo-Concept International Group Holdings Ltd (424B4) - 04/24/2024
Neo-Concept International Group Holdings Ltd is a one-stop apparel solution services provider. Through its Operating Subsidiaries, it offers a full suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management serving customers located in the European and North American markets. The company is committed to reducing its environmental impact through recycling, clean processes, traceable sourcing and other eco-friendly practices.
| Name | Neo-Concept International Group Holdings Ltd |
|---|---|
| HQ Location | Hong Kong, China |
| Country/Region of Operations | Hong Kong, UK |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | NCI |
| Exchange | Nasdaq Capital Market |
| Offer Size | $9,280,000 |
| Number of Shares offered | 2,320,000 |
| Offer Price | $4.00 per share |
| Underwriters | Unknown |
| Industry | Apparel & Other Finished Prods of Fabrics & Similar Material |
| Sales/Revenue (2022) | $44,536,508 |
| Net Income/Loss (2022) | $1,589,505 |
| Total Liabilities | $44,019,638 |
| Cash and Cash Equivalents | Unknown |
| Use of Proceeds | - Approximately 20% for developing new products with sustainable materials and process - Approximately 10% for broadening customer base - Approximately 30% for potential acquisition of companies and/or formation of joint ventures - The balance 40% to fund the working capital of existing operation and for other general corporate purposes |
| Dividend Policy | The company currently intends to retain all available funds and future earnings, if any, for the operation and expansion of its business, and does not anticipate declaring or paying any dividends in the foreseeable future. |
| Risk Factors | - Our auditor has expressed substantial doubt about our ability to continue as a going concern - Our transactions with NCH may be less favorable to us than similar agreements negotiated with unaffiliated third parties - Our business is in direct competition with NCH, an affiliated company - The Chinese government may exercise significant oversight and discretion over the conduct of our business - We rely on one major customer and if we fail to attract new customers or retain existing customers, our business will be harmed - We may be unable to timely and accurately respond to changes in fashion trends and consumer preferences - Our focus on sustainability may increase our cost of doing business and hinder our growth - The enactment of the Uyghur Forced Labor Prevention Act could have a material adverse effect on our ability to conduct our business - We rely on two principal suppliers for raw materials, manufacturing and logistics services |
| Other | - NCI is a holding company incorporated in the Cayman Islands with no material operations of its own - NCI conducts its operations in Hong Kong through its operating subsidiary Neo-Concept HK - NCI will be a "controlled company" as defined under the Nasdaq Stock Market Rules because its Controlling Shareholder will own 71.5% of the total issued and outstanding Ordinary Shares immediately after the completion of this offering |
| Link to Filing | Filing |
Jinxin Technology Holding Company (F-1/A) - 04/24/2024
Jinxin Technology Holding Company is an innovative digital content service provider in China. It is the largest digital textbook platform and a leading digital educational content provider for K-9 students in China. The company leverages its powerful digital content generation engine powered by advanced AI/AR/VR/digital human technologies to offer high-quality digital content services through its own platform and content distribution channels of its strong partners.
| Name | Jinxin Technology Holding Company |
|---|---|
| HQ Location | Pudong District, Shanghai, People's Republic of China |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | NAMI |
| Exchange | Nasdaq Capital Market |
| Offer Size | Unknown |
| Number of Shares offered | 33,750,000 ordinary shares (in the form of 1,875,000 ADSs) |
| Offer Price | US$4.00 - US$5.00 per ADS |
| Underwriters | EF Hutton LLC |
| Industry | Digital educational content services |
| Sales/Revenue | $379,821,000 |
| Net Income/Loss | $83,492,000 |
| Total Liabilities | $55,580,000 |
| Cash and Cash Equivalents | $75,132,000 |
| Use of Proceeds | - Approximately 50% for product and content development - Approximately 20% for sales and marketing and brand promotions - Approximately 20% for recruitment of experienced personnel - Approximately 10% for general corporate purposes and potential strategic investments and acquisitions |
| Dividend Policy | The company has not previously declared or paid any cash dividend or dividend in kind and has no plan to declare or pay any dividends in the near future on its shares or the ADSs representing its ordinary shares. |
| Risk Factors | - If the company is not able to continue to attract and retain users, increase the spending of paying users, and maintain or strengthen cooperation with key customers, it may not be able to sustain revenue growth - The company has a limited operating history in an evolving market, making it difficult to predict prospects and performance - The company faces competition which may lead to pricing pressure and loss of market share - Failure to obtain and renew required licenses and permits could adversely impact the business - Negative publicity could harm the company's brand and reputation - The company may not be able to convert trial users to paying users - New product and content offerings may not be successful - The company relies on key management and may not be able to attract and retain high-quality talent |
| Other | - The company operates through a variable interest entity (VIE) structure, which involves unique risks - The company is subject to PRC government policies and regulations, which could change and adversely impact the business - The company's ADSs may be prohibited from trading in the U.S. under the Holding Foreign Companies Accountable Act |
| Link to Filing | Filing |
Rectitude Holdings Ltd. (F-1/A) - 04/24/2024
Rectitude Holdings Ltd. is principally involved in the provision of safety equipment, encompassing essential items such as personal protective clothing, hand gloves, safety footwear, personal fall arrest systems, portable fire extinguishers, and traffic products. The company's products and solutions are marketed to a wide array of distributor networks and end markets, both in Singapore and increasingly throughout the Southeast Asian region including Brunei, Cambodia, Malaysia, Indonesia and Vietnam. The bulk of the company's customers belong to the infrastructure development, building construction, marine, oil and gas industries, and general industrial markets.
| Name | Rectitude Holdings Ltd. |
|---|---|
| HQ Location | Singapore, Singapore |
| Country/Region of Operations | Singapore, Brunei, Cambodia, Malaysia, Indonesia, Vietnam |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | RECT |
| Exchange | Nasdaq Capital Market |
| Offer Size | $10,000,000 |
| Number of Shares offered | 2,000,000 |
| Offer Price | $4.00 - $6.00 per share |
| Underwriters | A.G.P. |
| Industry | Safety Equipment |
| Sales/Revenue (FY 2023) | $37,643,696 |
| Sales/Revenue (FY 2022) | $29,813,611 |
| Total Liabilities (as of 03/31/2023) | $11,603,841 |
| Cash and Cash Equivalents (as of 03/31/2023) | $2,432,557 |
| Use of Proceeds | - Marketing and promotion campaigns (20%) - Product development (30%) - Digital transformation and system upgrading (10%) - General working capital and corporate purposes (40%) |
| Dividend Policy | The company does not intend to pay any dividends on its Ordinary Shares for the foreseeable future. Instead, it anticipates that all of its earnings, if any, will be used for the operation and growth of its business. |
| Risk Factors | - Affected by regional and worldwide political, regulatory, social and economic conditions - Dependent on maintaining a wide range of relevant safety equipment - Susceptible to fluctuations in prices and quantity of available safety equipment and industrial grade hardware - Reliant on key management personnel and experienced/skilled personnel - Exposed to disputes and claims arising from site accidents due to usage of safety equipment - Failure or deterioration in quality control systems could adversely impact business - Exposed to credit risks of customers - Subject to supply chain interruptions - Business and operations may be adversely affected by COVID-19 or other infectious disease outbreaks - May not be able to obtain necessary approvals/certifications for use of safety equipment - Subject to environmental, health and safety regulations and penalties - Insurance policies may be inadequate to cover assets, operations and business interruptions - May be harmed by negative publicity - Unable to maintain and protect intellectual property or face infringement claims - Exposed to risks from acts of war, terrorist attacks, epidemics, adverse weather and other uncontrollable events - May not successfully implement business strategies and future plans - Subject to risks related to product recalls |
| Other | - Operates in a highly competitive industry - Has strong and stable relationships with suppliers and customers - Has an experienced management team - Has strategically located branches across Singapore - Provides a one-stop solution for an extensive range of safety products and industrial hardware |
| Link to Filing | Filing |
Veg House Holdings Inc. (F-1/A) - 04/25/2024
Veg House Holdings Inc. is a Cayman Islands holding company focused on expanding access to plant-based food products by developing a global portfolio of businesses that offer high-quality plant-based products and bridging the gap between two multi-billion-dollar industries: e-commerce and plant-based foods. The company operates e-commerce platforms PlantX and Vegan Essentials, which offer over 5,000 plant-based products directly to consumers in North America and the UK. The company also operates physical XMarket grocery stores and a vegan food hall in Chicago to supplement its e-commerce presence.
| Name | Veg House Holdings Inc. |
|---|---|
| HQ Location | Miami Beach, FL |
| Country/Region of Operations | North America, United Kingdom |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | VEG |
| Exchange | Nasdaq |
| Offer Size | $5,000,000 |
| Number of Shares offered | 1,000,000 |
| Offer Price | $5.00 per share |
| Underwriters | EF Hutton LLC |
| Industry | Plant-based food and e-commerce |
| Sales/Revenue | $3,837,595 (Year ended March 31, 2023) |
| Net Income/Loss | $(2,306,272) (Year ended March 31, 2023) |
| Total Liabilities | $1,122,875 (As of September 30, 2023) |
| Cash and Cash Equivalents | $615,393 (As of September 30, 2023) |
| Use of Proceeds | - 20% for product development - 12% for expansion of vegan food hall in Uptown Chicago and expansion of Little West LLC - 15% for sales and marketing - 53% for working capital and general corporate purposes |
| Dividend Policy | The firm does not intend to issue a dividend in the foreseeable future. |
| Risk Factors | - Our founder and special advisor, Sean Dollinger, has been the subject of a compliance review by the British Columbia Securities Commission - If we fail to successfully improve our customer experience, including by continuing to develop new product offerings and enhancing our existing product offerings, our ability to attract new customers and retain existing customers may be materially adversely affected - If the products we sell are not safe or otherwise fail to meet our customers' expectations, we could lose customers, incur liability for any injuries suffered by customers using or consuming a product we sell or otherwise experience a material impact to our brand, reputation and financial performance - Food safety and food-borne illness incidents or advertising or product mislabeling may materially adversely affect our business - Changes in consumer tastes and preferences or in consumer spending due to inflation or otherwise, and other economic or financial market conditions could materially adversely affect our business |
| Other | - The company has a going concern risk as it has not generated profits since inception and has sustained net losses - The company qualifies as an "emerging growth company" under the JOBS Act and intends to take advantage of certain exemptions from disclosure requirements - The company is a "foreign private issuer" and intends to follow certain home country corporate governance practices, which may result in less protection for shareholders compared to U.S. domestic public companies |
| Link to Filing | Filing |
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