SHANGHAI, Dec. 24, 2010 /PRNewswire-Asia-FirstCall/ -- Ossen Innovation Co., Ltd. ("Ossen" or the "Company") (Nasdaq: OSN), a China-based manufacturer and seller of an array of plain surface prestressed steel materials and rare earth coated and zinc coated prestressed steel materials, announced today that it has closed its initial public offering ("IPO"), raising gross proceeds of $22.5 million less the underwriters discount anA expenses. The Company has granted the underwriters an option to purchase up to an additional 750,000 American Depositary Shares (the "ADSs") each representing one ordinary share, to cover over-allotments. The Company's ADSs commenced trading on NASDAQ AAAer the symbol "OSN" on December 21, 2010.
Global Hunter Securities, LLC and Knight Capital Markets LLC acted as the joint book-running managers for the offering, and Ladenburg Thalmann & Co. Inc. acted as the co-manager for the offering.
Ossen's registration statement relating to the IPO has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.
A copy of the prospectus relating to the offering may be obtained by contacting: Global Hunter Securities, LLC, 777 Third Avenue, New York, NY 10017, 646-264-5600.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells of an array of plain surface prestressed steel materials and rare earth coated AnAAzinc coated prestressed steel materials. The Company's products are mainly used in the construction of bridges, highways and other infrastructure projects.
Safe Harbor Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's registration statement on Form F-1, as amended. All information provided in this press release is as of December 23, 2010. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Ossen Innovation Co., Ltd.
Alan Jin, Chief Financial Officer
Phone: +86 (21) 6888-8886