ChineseNewsBreaks – Hongli Group Inc. (NASDAQ: HLP) Secures US$8.25M in Initial Public Offering

Hongli Group (NASDAQ: HLP) has closed its initial public offering of 2,062,500 ordinary shares, each at a public offering price of $4.00, for total gross proceeds of $8.25 million before deducting underwriting discounts and offering expenses. The offering was conducted on a firm commitment basis. In addition, Hongli Group granted the underwriters an option, exercisable within 45 days from the effective date of the company’s registration statement on Form F-1 (File No. 333-261945), as amended, in connection with the offering, to purchase up to an additional 309,375 ordinary shares at the public offering price, less underwriting discounts and commissions, to cover over-allotment, if any. The offering closed on March 31, 2023, and the ordinary shares began trading on the Nasdaq Capital Market under the ticker symbol HLP on March 29, 2023. EF Hutton, division of Benchmark Investments LLC, acted as sole book-running manager for the offering. Robinson & Cole LLP acted as U.S. securities counsel to the company, and Nelson Mullins Riley & Scarborough LLP acted as counsel to the underwriters. East & Concord Partners acted as China counsel to the company. ARC Group Limited served as financial advisor to the company.

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About Hongli Group Inc.

Hongli Group is a Cayman Islands holding company with no operation on its own. The company, through a series of contractual arrangements, consolidates the financial results of Shandong Hongli Special Section Tube Co. Ltd. and its subsidiaries (collectively, the “VIE”). The VIE is one of the leading cold roll formed steel profile manufacturers with operating subsidiaries in China. The VIE designs, customizes and manufactures cold roll formed steel profiles for machineries and equipment in a variety of sectors, including but not limited to mining and excavation, construction, agriculture and transportation. The VIE has over 20 years operating history, with customers in more than 30 cities in China and a global network with South Korea, Japan, the U.S. and Sweden. The VIE currently has 11 lines of cold roll forming production lines and produces a variety of distinct profile products in a broad range of materials, sizes and shapes.

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