Happiness Biotech Announces $11 Million IPO in Nasdaq

According to PR Newswire, Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced the closing of previously announced a U.S. underwritten initial public offering ("Offering") of 2,000,000 ordinary shares at a price to the public of $5.50 per share. The Company's shares commenced trading on the Nasdaq Capital Market on October 25, 2019, under the ticker symbol "HAPP".

The Company received aggregate gross proceeds of $11 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 ordinary shares at the public offering price, less underwriting discounts.

The Offering was conducted on a firm commitment basis. Univest Securities, LLC. acted as the lead underwriter, Aegis Capital Corp., Newbridge Securities Corporation, WestPark Capital, Inc. and Zinvest Global Limited acted as co-managers for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Ortoli Rosenstadt LLP acted as counsel to the underwriters in connection with the Offering.

Headquartered in Nanping, China, Happiness Biotech is an innovative China-based nutraceutical and dietary supplements producer focused on the research, development, manufacturing, and marketing of a variety of products made from Chinese herbal extracts and other ingredients. The Company's goal is to provide high-quality products to our consumers. Over the past 14 years, the Company has established a product portfolio consisting of 32 SFDA registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. 

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building a long-term relationship with its clients.