Mingteng International Corporation Inc. Announces Closing of Initial Public Offering

Wuxi, China, April 22, 2024 (GLOBE NEWSWIRE) -- Mingteng International Corporation Inc. (the “Company” or “Mingteng International”) (Nasdaq: MTEN), an automotive mold developer and supplier in China, today announced the closing of its initial public offering (the “Offering”) of 1,050,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on April 18, 2024, under the ticker symbol “MTEN.”

The Company received aggregate gross proceeds of US$4.2 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 157,500 ordinary shares at the public offering price, less underwriting discounts.

Net proceeds from the Offering will be used by the Company for investing in new production facilities to improve production capacity and purchase high-end production equipment, strengthening research and development (“R&D”) capabilities in the mold casting field of turbochargers and new energy vehicle (“NEV”) parts, general working capital, and expanding product types.

The Offering was conducted on a firm commitment basis. Craft Capital Management LLC and R.F. Lafferty & Co., Inc. acted as co-underwriters for the Offering (the “Underwriters”). Ortoli Rosenstadt LLP acted as U.S. counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as U.S. counsel to the Underwriters in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-270953), as amended, and was declared effective by the SEC on March 29, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Craft Capital Management LLC by email at [e-mail], by standard mail to Craft Capital Management LLC, 377 Oak Street, Lower Concourse, Garden City, NY 11530, or by calling [phone]; or from R.F. Lafferty & Co., Inc. by email at [e-mail], by standard mail to R.F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, or by calling [phone]. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.