Atxg. Us, A Textile And Apparel Company, Is Seeking To List In The US

Addentax group (atxg. US), which makes textiles and clothing in China and provides logistics services, raised the size of its proposed deal on NASDAQ on Friday. The company plans to issue 5 million shares of common stock at $5 a share, raising $25 million.

It is understood that the offering price is lower than the final closing price of its shares in OTC trading. Earlier, the company had planned to raise $10 million by issuing 2 million shares of common stock at a price of $5 per share. According to the revised size of the offering, it is expected to raise 150% more than previously expected.

Headquartered in Shenzhen and founded in 2014, the company's clothing manufacturing business mainly sells to wholesalers in China. Its logistics service business includes delivery and express delivery services, covering about 79 cities in 7 provinces and 2 municipalities directly under the central government. It plans to develop 20 more logistics points in the existing service cities in the fiscal year up to 2021.

For the 12 months ended September 30, 2020, the company had revenue of $24 million. It is expected that the company will be listed on NASDAQ under the trading code atxg. Network1 financial securities is the sole underwriter of this offering.