BEIJING, April 8, 2015 (GLOBE NEWSWIRE) -- WoWo Ltd. ("WoWo" or the "Company") (Nasdaq:WOWO), a leading e-commerce platform serving local lifestyle services merchants and consumers in China, today announced that its initial public offering of 4,000,000 American depositary shares ("ADSs"), each representing 18 ordinary shares of the Company, was priced at $10 per ADS. The ADSs are expected to begin trading on the NASDAQ Global Market today under the ticker symbol "WOWO."
In addition, WoWo granted the underwriters a 30-day option to purchase up to an additional 600,000 ADSs. All of the 4,000,000 ADSs in the offering are being offered by WoWo. The total gross proceeds of the offering are expected to be $40 million, assuming the underwriters do not exercise their option to purchase additional ADSs. Axiom Capital Management, Inc. acted as Representative of several underwriters, which included ViewTrade Securities, Inc., Dawson James Securities, Inc., Newbridge Securities Corporation, and The Benchmark Company, LLC. FT Global Capital, Inc. acted as an advisor to the transaction.
WoWo's registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is being made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by calling Axiom Capital Management, Inc. at +1 212 521 3848 or by email at mjacobs@axiomcapital.com.
About WoWo Ltd.
WoWo Ltd. ("WoWo") operates China's leading e-commerce platform on both www.55.com and our mobile applications, focusing on local entertainment and lifestyle services such as restaurants, movie theaters and beauty salons. We help merchants create their own online stores to make direct sales. We do not engage in direct sales. We provide a one-stop platform where merchants make direct sales, price dynamically and achieve customer management. As of September 30, 2014, we had 105,430 merchant clients featuring over 430,000 service offerings, 34.1 million subscribers and 17.3 million activated WoWo Mobile App installed on mobile devices.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about WoWo's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as WoWo's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. WoWo's plan to enhance subscriber experience, upgrade infrastructure and increase service offerings might not be well received. WoWo might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and WoWo does not undertake any obligation to update any forward-looking statement, except as required under applicable law.