UPDATE: Tian Ruixiang Holdings (TIRX) Prices 3M Share IPO at $4/Sh

(Updated - January 27, 2021 5:53 AM EST)

TIAN RUIXIANG Holdings Ltd (NASDAQ: TIRX), a China-based insurance broker, today announced the pricing of its initial public offering ("Offering") of up to 3,000,000 Class A ordinary shares at a public offering price of US$4 per share. The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on January 27, 2021 under the ticker symbol "TIRX".

The Company expects to receive aggregate gross proceeds of US$12 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 450,000 Class A ordinary shares at the public offering price. The Offering is expected to close on or about January 29, 2021, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used for opening up new branches; research, development and operational investment on the Company's new Internet insurance center, and general working capital.

The Offering is being conducted on a firm commitment basis. Network 1 Financial Securities, Inc. is acting as the underwriter for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and VCL Law LLP acted as counsel to Network 1 Financial Securities, Inc. in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission ("SEC") (File Number: 333-235727) and was declared effective by the SEC on January 26, 2021.

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