GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Electronic Cigarettes International Group Ltd. (OTCQB: ECIG), an independent marketer and distributor of electronic cigarettes, today announced that, subject to market and other conditions, it and certain selling stockholders intend to offer up to $150,000,000 of common stock, in connection with the listing of its common stock on the NASDAQ under the symbol “ECIG”. The selling shareholders are offering 4,890,200 shares of our common stock and we will offer the balance.
Electronic Cigarettes International Group and certain selling stockholders have granted the underwriters an option for a period of 30 days to purchase up to an additional $22,500,000 of common stock. If exercised, any additional shares will be offered at the public offering price per share of common stock in this offering.
Wells Fargo Securities and Canaccord Genuity Inc. are acting as joint book-running managers for the offering. Societe Generale and Stephens are acting as co-managers.
A registration statement relating to the offering of common stock has been filed by the Company with the Securities and Exchange Commission (as amended, the “Registration Statement”), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This offering may only be made by means of a prospectus. A copy of the preliminary prospectus relating to the offering may be obtained by contacting: Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, telephone: (800) 326-5897 or via email at email@example.com, or Canaccord Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, telephone: (617) 371-3900.
About Electronic Cigarettes International Group, Ltd.
Electronic Cigarettes International Group is dedicated to providing a compelling alternative for the more than 1 billion current smokers around the world. ECIG is a fast-growing independent electronic cigarette company, and owns the trademarks VAPESTICK®, FIN®, Victory®, VIP®, and others. The Company has operations in the United States and the United Kingdom and its products are also distributed in Western Europe. ECIG offers consumers a full product portfolio that incorporates the highest quality and latest technology.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of ECIG, including statements regarding ECIG’s expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue to materialize consistent with recent trends. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include: ECIG’s reliance on additional financing, ECIG’s profitability and financial health, risks associated with ECIG’s products, including that they may pose a health risk; governmental regulations may impact ECIG’s business; the market or consumers may not accept ECIG’s products; ECIG relies on a single class of products; existing or pending patents may affect ECIG’s business; and other factors disclosed in the Company's filings with the Securities and Exchange Commission. Unless required by applicable law, ECIG undertakes no obligation to update or revise any forward-looking statements.