PINGDINGSHAN, China--(BUSINESS WIRE)--Yulong Eco-Materials Limited (Nasdaq:YECO) (‘Yulong’), a China based vertically integrated manufacturer of eco-friendly building products and a construction waste recycling company, today announced the closing of its initial public offering of 2,250,000 shares of its ordinary shares at a public offering price of $6.25 per share.
The gross proceeds to Yulong from the initial public offering were $14,062,500 before deducting underwriting discounts and commissions and other estimated offering expenses. Yulong has granted the underwriters a 45-day option to purchase up to an additional 337,500 ordinary shares to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions.
Yulong’s ordinary shares began trading on the NASDAQ Capital Market on June 26, 2015 under the ticker symbol “YECO.”
Axiom Capital Management, Inc. acted as the sole book-running manager and representative of the underwriters for the offering. Northland Capital Markets, ViewTrade Securities, Inc. and I-Bankers Inc. acted as co-managers, while Cuttone & Co., Inc. acted as financial advisor to Yulong.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 25, 2015. This offering was made only by means of a written prospectus.
A copy of the final prospectus relating to the offering has been filed with the Securities and Exchange Commission and may be obtained by contacting Axiom Capital Management, Inc., Prospectus Department, 780 Third Avenue, 43rd Floor, New York, NY 10017, via telephone: 212-521-3800.
About Yulong Eco-Materials
Yulong is a vertically integrated manufacturer of eco-friendly building products and a construction waste recycling company, located in the city of Pingdingshan in Henan Province, China. The Company is currently the leading producer of fly-ash bricks and concrete in that city and in late April 2015, it commenced its hauling and construction waste recycling operations.