Regencell Bioscience Holdings Limited unveils initial public offering pricing

KUALA LUMPUR, July 19 -- Regencell Bioscience Holdings Limited (Regencell or the Company) has announced pricing of its initial public offering (Offering) of 2,300,000 ordinary shares at a public offering price of US$9.50 per ordinary share. (US$1 = RM4.215)

According to a statement, the ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on July 16, under the ticker symbol RGC.

Regencell is an early-stage bioscience company focusing on research, development and commercialisation of Traditional Chinese Medicine (TCM) for treatment of neurocognitive disorders and degeneration, specifically Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD).

Regencell expects to receive aggregate gross proceeds of approximately US$21.9 million from this Offering, before deducting underwriting discounts and other related expenses.

In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 345,000 ordinary shares at the public offering price, less underwriting discounts.

The Offering is expected to close on or about July 20, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used to fund the second research study, the Company’s TCM formulae and products, staff salaries, facilities rental, renovations and equipment, product and intellectual property registrations, and working capital and other general corporate purposes.

The Offering is being conducted on a firm commitment basis with Maxim Group LLC acting as sole book-running-manager for the Offering.

Hunter Taubman Fischer & Li LLC acts as counsel to the Company, while Loeb & Loeb LLP is counsel to Maxim Group LLC in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (SEC) and was declared effective by the SEC on July 15.

-- BERNAMA