Nature Wood Group Limited Announces Pricing of $6.75 Million Initial Public Offering

MACAU, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Nature Wood Group Limited (the “Company” or “Nature Wood”), a global leading vertically-integrated forestry company that focuses on FSC business operations, today announced the pricing of its initial public offering (the “Offering”) of 750,000 American Depositary Shares (“ADS”) at a price to public of US$9 per ADS for the total offering size of US$6.75 million, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs. Each ADS represents eight ordinary shares of the Company. The ADSs will begin trading on September 12, 2023, U.S. Eastern time, on the Nasdaq Capital Market under the symbol “NWGL”. The Offering is expected to close on September 14, 2023, subject to customary closing conditions.

The Company has granted the underwriters the right to purchase up to an aggregate of 112,500 additional ADSs within 45 days from the date of the final prospectus at the initial public offering price. If the underwriters exercise their option to purchase the additional ADSs in full, the total proceeds from the Offering are expected to be approximately US$7.76 million.

Prime Number Capital LLC is acting as underwriter of the Offering. Loeb & Loeb LLP is acting as counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as counsel to the underwriters.

Nature Wood plans to use the net proceeds of the Offering as follows: (i) approximately 50% for acquisition of concession rights and forest-related business; (ii) approximately 35% for acquisition of factories in Europe or South America and development of new products; and (iii) the balance to fund working capital and other general corporate purposes.

A registration statement on Form F-1 (File No. 333-271425) related to the Offering has been filed with, and declared effective on September 11, 2023, U.S. Eastern time by the U.S. Securities and Exchange Commission (the “SEC”). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.