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 IRMatt Blazeiir@richtechrobotics.com
Media:
Timothy TanksleyMarketing DirectorRichtech Robotics,
Inc.press@richtechrobotics.com 702-534-0050
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