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NEW YORK, June 07, 2021 (GLOBE NEWSWIRE) -- Univest Securities, LLC, a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the initial closing of a previously announced best-effort follow-on public offering for the sale of up to 4,800,000 units by its client TIAN RUIXIANG Holdings Ltd (the "Company") (NASDAQ: TIRX), a China-based insurance broker, at a purchase price of US$7.5 per unit. The initial closing of 2,000,000 units for aggregate gross proceeds of US$15 million, was made pursuant to the terms of a Securities Purchase Agreement between the Company and several institutional investors, dated June 2, 2021. Each unit consists of one Class A ordinary share of the Company, and one warrant to purchase one Class A ordinary share of the Company. Each warrant has an exercise price of US$8.00 per Class A ordinary share. The Company may sell additional units to these institutional investors in one or more additional closings on the same terms as the units purchased at the initial closing until the earlier of the sale of the maximum number of 4,800,000 units and the termination of the offering by July 17, 2021, unless amended.
The Company intends to use the net proceeds from the offering primarily for: (i) building an information data platform; (ii) building its intelligent customer service system; (iii) establishing a “key customers” department; (iv) product research and development; and (v) general corporate purposes.
Univest Securities, LLC acted as the exclusive placement agent for the offering pursuant to a placement agent agreement. Hunter Taubman Fischer & Li LLC served as counsel to the Company, and Sullivan & Worcester LLP served as counsel to Univest Securities, LLC in connection with the offering.
The units, and the Class A ordinary shares and warrants included in the units and Class A ordinary shares underlying the warrants, are being offered pursuant to effective registration statements on Form F-1 (SEC File Nos. 333-256574 and 333-256734), as amended, that were filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 2, 2021, and June 3, 2021, respectively. Copies of the final prospectus filed with the SEC in connection with the offering may be obtained on the SEC's website at 网页链接 The units are being offered only by means of such prospectus. Electronic copies of the final prospectus may also be obtained, from Univest Securities, LLC, by email at IBAssistDesk@univest.us or standard mail to Univest Securities, LLC, Attn: 375 Park Avenue, 15th Floor, New York, NY 10152.