Dec 27 2010
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 and 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 under 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.