News & Events zu Star Fashion Culture Holdings Ltd (STFS)STFSStar Fashion Culture Holdings Ltd

Kingswood Expected to Raise Approximately $9.6M

Gross proceeds, before deducting placement agent fees and other offering expenses, are expected to be approximately $9.6M. The offering is expected to close on September 28, subject to customary closing conditions. The company intends to use the net proceeds of this offering for developing its online marketing services and for general administration and working capital. Kingswood acted as sole book running manager for the offering.

Star Fashion Plans to Offer 12M Shares at $0.80 Each

The company is offering up to 12M Class A ordinary shares of Star Fashion Culture Holdings Limited at the offering price of 80c per share. On September 15, the last reported sale price of the shares on Nasdaq was $3.36 per share. Star Fashion has engaged Kingswood Capital Partners to act as its exclusive placement agent in connection with the offering. Star Fashion noted in the filing, "Because there is no minimum offering amount required as a condition to closing this offering, we may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received by us. We will bear all costs associated with the offering and investors in this offering will not receive a refund in the event that we do not sell an amount of securities sufficient to pursue our business goals described in this prospectus. There is no arrangement for funds to be received in escrow, trust or similar arrangement. Because there is no escrow account and no minimum offering amount, investors could be in a position where they have invested in our company, but we are unable to fulfill all of our contemplated objectives due to a lack of interest in this offering. Further, any proceeds from the sale of securities offered by us will be available for our immediate use, despite uncertainty about whether we would be able to use such funds to effectively implement our business plan."

Star Fashion Culture Holdings Ltd Trading Halted

Star Fashion Culture Holdings Ltd trading halted, volatility trading pause