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ReTo Eco-Solutions, Inc. Announces Full Exercise of the Underwriter’s Over-Allotment Option
BEIJING--(BUSINESS WIRE)--ReTo Eco-Solutions, Inc. (NASDAQ:RETO) (“ReTo” or the “Company”), a manufacturer and distributor of eco-friendly construction materials as well as equipment used for the production of these eco-friendly construction materials, and consultation, design, project implementation and construction of urban ecological environments including those for the purpose of capturing, controlling and reusing rainwater, commonly called “sponge cities”, today announced that ViewTrade Securities, Inc., who acted as the managing underwriter and sole book-runner of the Company's initial public offering (“IPO”), has exercised the full over-allotment option to purchase an additional 420,000 common shares at the IPO price of $5.00 per share. As a result, the Company has raised gross proceeds of approximately $2,100,000, in addition to the previously announced IPO gross proceeds of approximately $14 million, before underwriting discounts and commissions and offering expenses.
A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on November 28, 2017. The offering has been made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from ViewTrade Securities, via email: IB@Viewtrade.com or standard mail at ViewTrade Securities, 7280 W Palmetto Park Rd, #310, Boca Raton, FL 33433, Attn: Prospectus Department. In addition, a copy of the final prospectus 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, 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.
About Reto Eco-Solutions, Inc.
Founded in 1999 and headquartered in Beijing, ReTo is a manufacturer and distributor of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings) and fly-ash, as well as equipment used for the production of these eco-friendly construction materials. The Company also provides a full range of eco-friendly project solutions, including consultation, design, project implementation and construction, relating to all stages of sponge-city projects for customers. The Company’s clients are located in mainland China, and internationally, including Canada, the United States, Mongolia, Middle East, India, South Asia, North Africa and Brazil.
ReTo Eco-Solutions, Inc.
Weitian Group LLC
Tony Tian, CFA