CLPS INCORPORATION ANNOUNCES FULL EXERCISE OF THE UNDERWRITERS’ OVER-ALLOTMENT OPTION FOR ITS FULL COMMITMENT INITIAL PUBLIC OFFERING
Shanghai, China, June 15, 2018 (GLOBE NEWSWIRE) — CLPS Incorporation (the “Company” or Nasdaq: CLPS), a leading information technology consulting and solutions service provider focusing on the banking, insurance and financial sectors in China and globally, today announced that The Benchmark Company, LLC, the representative of the underwriters in connection with and the book running manager of the Company’s U.S. firm commitment underwritten initial public offering (“IPO”), has exercised in full its over-allotment option to purchase an additional 300,000 common shares at the IPO price of $5.25 per share.
As a result, the Company has raised gross proceeds of approximately $1.58 million, in addition to the IPO gross proceeds of approximately $10.5 million, or combined gross proceeds in this IPO of approximately $12.08 million, before underwriting discounts and commissions and offering expenses. The closing of this over-allotment option exercise took place on June 8, 2018.
The Company’s shares trade on The Nasdaq Capital Market under the trading symbol “CLPS.”
The Benchmark Company, LLC acted as the book running manager and Cuttone & Co., LLC acted as co-manager for the offering.
A registration statement on Form F-1 relating to this offering was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC as of May 23, 2018. The offering of these securities was made only by means of a prospectus, forming a part of the registration statement. The registration statement on Form F-1 and the final prospectus relating to this offering are available on the SEC’s website at www.sec.gov. Copies of the final prospectus relating to this offering may be obtained from The Benchmark Company, LLC by calling 212-312-6700 or firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s 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 such state or jurisdiction.
About CLPS Incorporation
Headquartered in Shanghai, China, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company has served as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains eleven delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing,Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining four global centers are located in Hong Kong, Taiwan, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com/.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, among other factors. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact Investor Relations at:
Tian van Acken
Chief Financial Officer
In the United States:
Ascent Investor Relations LLC