Richtech Robotics Announces Closing of Upsized Initial Public Offering

LAS VEGAS, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics”), a Nevada company and a provider of AI-driven service robots for the hospitality and healthcare industries, today announced the closing of its upsized initial public offering (the “Offering”) of 2,100,000 shares of Class B common stock at a price to the public of $5.00 per share.

The aggregate gross proceeds from the Offering amounted to $10.5 million, prior to deducting underwriting discounts, commissions, and Offering-related expenses. In addition, the Company has granted the underwriters a 45-day option from the closing of the Offering to purchase up to an additional 315,000 shares of Class B common stock at the public offering price, less underwriting discounts. The shares began trading on the Nasdaq Capital Market under the ticker symbol “RR” on November 17, 2023.

R. F. Lafferty & Co., Inc. is acting as sole book-running manager for the offering. Revere Securities LLC is acting as co-underwriter for the offering.

A registration statement on Form S-1 relating to these securities was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on November 13, 2023. The Offering is being made only by means of a prospectus. A copy of the final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. A copy of the final prospectus relating to the Offering may be obtained, when available, from: Equity Capital Markets, R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, by telephone: [phone], or by email at: [e-mail]. 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.

About Richtech Robotics

Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction.