Mingteng International Corporation Inc. Announces Pricing of Initial Public Offering

Wuxi, China, April 18, 2024 (GLOBE NEWSWIRE) -- Mingteng International Corporation Inc. (the “Company” or “Mingteng International”), an automotive mold developer and supplier in China, today announced the pricing of its initial public offering (the “Offering”) of 1,275,000 ordinary shares, 1,050,000 of which are being offered by the Company and 225,000 by a selling shareholder, at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on April 18, 2024, U.S. Eastern time, under the ticker symbol “MTEN.”

The Company expects to receive aggregate gross proceeds of US$5.1 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has 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. The Offering is expected to close on or about April 22, 2024, subject to the satisfaction of customary closing conditions.

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 is being conducted on a firm commitment basis. Craft Capital Management LLC and R.F. Lafferty & Co., Inc. are acting as co-underwriters for the Offering (the “Underwriters”). Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company, and Sichenzia Ross Ference Carmel LLP is acting 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 is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, 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, 29th Floor, New York, NY 10005, or by calling [phone]. In addition, copies of the final prospectus relating to the Offering, when available, may be obtained via the SEC's website at www.sec.gov.