LAS VEGAS, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Richtech Robotics Inc., (Nasdaq: RR) (“Richtech Robotics” or the “Company”), a Nevada company and a provider of AI-driven service robots for the hospitality and healthcare industries, today announced the pricing of its upsized initial public offering of 2,100,000 shares of its Class B common stock at a price of $5.00 per share. The offering was upsized from 2,000,000 shares.
The gross proceeds to Richtech Robotics from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the Company, are expected to be $10.5 million. In addition, the Company has granted the underwriters a 45-day option from the closing of the Offering to purchase up to an additional 315,000 shares of Class B common stock at the public offering price, less underwriting discounts. The offering is expected to close on November 21, 2023 subject to the satisfaction of customary closing conditions. The shares are expected to begin trading on the Nasdaq Capital Market on November 17, 2023 under the symbol "RR."
R. F. Lafferty & Co., Inc. is acting as sole book-running manager for the offering. Revere Securities LLC is acting as co-underwriter for the offering.
The Company expects to use the net proceeds from the sale of the shares for research and development, with a particular focus on developing and optimizing robots for various vertical applications, investment in inventory, and marketing and promotion. The Company may also use a portion of the net proceeds from the offering as supplement working capital.
In addition, up to 1,000,000 shares of Cass B common stock may be offered by nine selling stockholders pursuant to the prospectus. These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection any sales they may make. The Company will not receive any proceeds from sales by the selling stockholders.
A registration statement relating to the securities being sold in this offering have been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on November 13, 2023. A copy of the registration statements can be accessed through the SEC's website at www.sec.gov. This offering is being made only by means of a prospectus forming part of the registration statement relating to these securities. When available, a copy of the final prospectus relating to this offering may be obtained from: Equity Capital Markets, R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, by telephone: 212-293-9090, or by email at: offerings@rflafferty.com.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, 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 the registration or qualification under the securities laws of any such state or jurisdiction. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the offering.
About Richtech Robotics
Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. All statements other than statements of historical facts are forward-looking statements. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company has based these forward-looking statements largely on its current expectations about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include forward-looking statements include, but are not limited to, the risks and uncertainties described in “Cautionary Note Concerning Forward-Looking Statements;” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the documents that referred to in the prospectus with the understanding that the Company’s future results may be materially different from and worse than what we expect. Other sections of the prospectus include additional factors which could adversely impact our business and financial performance. Moreover, the Company operates in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for the Company’s management to predict all risk factors and uncertainties, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company and the underwriters qualify all of the forward-looking statements by these cautionary statements.
The prospectus contains certain data and information obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The robotics industry may not grow at the rate projected by market data, or at all. Failure of this market to grow at the projected rate may have a material and adverse effect on the Company’s business and the market price of the shares of common stock. In addition, the rapidly evolving nature of this industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of the market. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the prospectus relate only to events or information as of the date on which the statements are made in the prospectus. Neither the Company nor the underwriters undertake any obligation to update or revise 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 except as required by law. You should read the prospectus and the documents that we refer to in the prospectus and have filed as exhibits to the registration statement, of which the prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.
Contact:
Investors:
CORE IR
Matt Blazei
ir@richtechrobotics.com
Media:
Timothy Tanksley
Marketing Director
Richtech Robotics, Inc.
press@richtechrobotics.com
702-534-0050
