Armlogi Holding Corp. Announces Closing of $8 Million Initial Public Offering

WALNUT, CA, May 15, 2024 (GLOBE NEWSWIRE) -- Armlogi Holding Corp. (“Armlogi” or the “Company”) (Nasdaq: BTOC), a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, today announced the closing of its previously announced initial public offering (the “Offering”) of 1,600,000 shares of common stock at a public offering price of $5.00 per share to the public for a total of $8,000,000 of gross proceeds to the Company, before deducting underwriting discounts and offering expenses.  

The Company has granted a 45-day option to the underwriters to purchase up to 240,000 additional shares of common stock solely to cover over-allotments, if any.

The common stock began trading on the Nasdaq Global Market on May 14, 2024, under the ticker symbol “BTOC.”

Net proceeds from the Offering will be used for expanding the Company’s warehouse network and developing warehousing and logistics services, developing international ocean freight services, and developing port trucking services, among other things.

EF Hutton LLC acted as the sole book-running manager for the Offering.

Hunter Taubman Fischer & Li LLC acted as U.S. counsel to Armlogi, and VCL Law LLP acted as U.S. counsel to EF Hutton LLC in connection with the Offering.

A registration statement on Form S-1, as amended (File No. 333-274667), was filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective on May 13, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement. A final prospectus related to the Offering,  was filed with the SEC on May 15, 2024, and may be obtained from EF Hutton LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [e-mail] or telephone at [phone]. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.