Huadi International Group Co., Ltd. (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announced that it has entered into a securities purchase agreement with two institutional investors for a registered direct offering of $25 million of its ordinary shares, before payment of commissions and expenses. The offering is expected to close on or about November 9, subject to the satisfaction of customary closing conditions.
The offering consists of the sale of one million ordinary shares in a registered direct offering, at a purchase price of $25.00 per ordinary share.
The offering will be made only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC's website.
Huadi is a leading manufacturer of industrial stainless steel seamless pipes and tubes products with extensive distribution facilities and network for over twenty provinces in China and across international steel pipes industry. It offers a broad range of products exported to 20 countries and regions such as United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, UAE and Canada.
HUDI shares collapsed early Monday by $157.11, or 87.3% to $22.89.
