Dogness Announces Closing of Initial Public Offering
DONGGUAN, China, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Dogness (International) Corporation ("Dogness" or the "Company"), a leading developer and manufacturer of pet products, including leashes, accessories, and collars and harnesses that incorporate smart technology in China, today announced the closing of its initial public offering of up to 11,000,000 Class A Common Shares ("Shares") at a public offering price of $5.00 per share for a total offering of up to $55 million. A total of 10,913,631 Class A Common Shares were sold in the offering for total gross proceeds of $54,568,155.
Spartan Securities Group, Ltd. was the sole underwriter of the offering.
Closing of the offering occurred on December 18, 2017, and the shares are expected to begin trading on the NASDAQ Global Market on December 20, 2017, under the ticker symbol "DOGZ."
The offering was made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from Spartan Securities Group, Ltd., 15500 Roosevelt Blvd., Suite 303, St. Petersburg, Florida 33760.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and became effective on December 7, 2017. Copies of the registration statement can be accessed by visiting the U.S. Securities and Exchange Commission website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Dogness (International) Corporation was born in 2003 from the belief that pet dogs and cats are important, well-loved family members. Through its products – traditional and smart collars and harnesses, traditional and retractable leashes, gift suspenders, and other accessories – Dogness is able to make pet ownership easier, more scientific, and more fun. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 100 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors.
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to raise capital on any particular terms, completion of our initial public offering, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.