IT Tech Packaging (ITP) Prices Common Share and Warrants Offering for Gross Proceeds of $20M

February 25, 2021 8:21 AM EST

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IT Tech Packaging, Inc. (NYSE: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, announced today the pricing of an underwritten offering of 26,666,666 shares of its common stock and warrants to purchase up to an aggregate of 13,333,333 shares of its common stock. Each share of common stock is being sold together with a warrant to purchase one half share of common stock at a combined price to the public of $0.75. Gross proceeds before underwriting discounts and commissions and estimated offering expenses, are expected to be $20.0 million.

The warrants will be immediately exercisable at a price of $0.75 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying warrants can only be purchased together in the offering but will be issued separately and will be immediately separable upon issuance. The offering is expected to close on or about March 1, 2021, subject to customary closing conditions.

Maxim Group LLC is acting as the sole book-running manager for the offering.

The Company also has granted to the underwriter a 45-day option to purchase up to an additional 2,611,200 shares of common stock and/or warrants to purchase up to 1,305,600 shares of common stock, at the public offering price less discounts and commissions.

The securities described above are being offered by IT Tech Packaging pursuant to a registration statement (File No. 333-223160) that was filed with the U.S. Securities and Exchange Commission (SEC) on February 22, 2018 and declared effective on June 19, 2018 and a registration statement (File No. 333-.253476) that was filed on February 24, 2021 and became effective upon filing with the SEC. The securities are being offered by means of a prospectus supplement and accompanying prospectus, forming part of the registration statement.



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