HONG KONG - April 06, 2023 (GLOBE NEWSWIRE) -- Millennium Group International Holdings Limited (Nasdaq: MGIH) (the “Company” or “Millennium”), a long-established paper-based packaging solutions supplier, today announced the closing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares at a public offering price of $4.00 per share. The ordinary shares began trading on the Nasdaq Capital Market on April 4, 2023, under the symbol “MGIH.”
The Company received aggregate gross proceeds of $5.0 million from the Offering, before deducting underwriting discounts, commissions, and other related expenses. In addition, Millennium has granted the underwriters a 45-day option to purchase up to an additional 187,500 ordinary shares at the public offering price, less underwriting discount, and commissions.
The Company intends to use the net proceeds from the Offering for the establishment of new corrugated paper products production facilities to be located in Huizhou, PRC and Vietnam, including new capital equipment to be used in the respective operations.
Revere Securities, LLC and R.F. Lafferty & Co., Inc. (the “Underwriters”) acted as underwriters to the Offering. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company, and Sichenzia Ross Ference LLP acted as U.S. counsel to Revere Securities, LLC, who acted as the representative of the Underwriters in connection with the Offering.
A registration statement related to these securities has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Millennium Group International Holdings Limited
Founded in 1978, Millennium Group is a long-established paper-based packaging solutions supplier committed to providing creative and sustainable packaging solutions to worldwide brands. The Company manufactures packaging products and corrugated products, and provides packaging products supply chain management solutions for a wide range of industries. Headquartered in Hong Kong with operations in the PRC and Vietnam, the Company adopts a one-stop integrated service approach with an objective to cover the entire value chain of its customers, with the sales of its products to PRC, Hong Kong, Vietnam, Myanmar, Australia, Indonesia, Cambodia, Taiwan, Thailand, United States, India and Germany.
