Texxon prices 1.9M shares at $5.00 in initial public offering

Texxon (NPT) Holding announced the pricing of its initial public offering of 1,900,000 ordinary shares at a public offering price of $5.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on October 22 under the ticker symbol “NPT.” The Company expects to receive aggregate gross proceeds of $9.5M from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an over-allotment option to purchase up to an additional 285,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about October 23, subject to the satisfaction of customary closing conditions. The net proceeds from the Offering will be used for construction of a factory to manufacture polystyrene, including production lines, storage facilities, and supporting infrastructure, located in Henan Province, China, and operations and the expansion of production facilities at the Henan Polystyrene Factory; updating supply chain management platform; and working capital. The Offering is being conducted on a firm commitment basis. D. Boral Capital is acting as the sole book-running manager for the Offering.