Wetouch Technology (WETH) Plans to Raise $24 Million in February 15th IPO

Wetouch Technology (WETH) is planning to raise $24 million in an IPO on Thursday, February 15th, IPO Scoop reports. The company plans to issue 4,000,000 shares at a price of $5.00-$7.00 per share.

In the last twelve months, Wetouch Technology generated $39.8 million in revenue and $10.2 million in net income.

WestPark Capital, Craft Capital, R.F. Lafferty & Co. and Orientert. acted as the underwriters for the IPO.

Wetouch Technology provided the following description of their company for its IPO: “(Note:  This is NOT an IPO. This is a NASDAQ uplisting from the OTCQB market.)  WeTouch Technology makes and sells large-format touchscreens used in the financial, automotive, POS (point-of-sale), gaming, lottery, medical and other specialized industries. The company sells its touchscreens in the People’s Republic of China and internationally. (Incorporated in Nevada) **Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended Sept. 30, 2023. (WeTouch Technology filed an S-1/A dated Nov. 17, 2023, in which it cut the price of its NASDAQ uplisting to a range of $5.00 to $7.00 – down from an assumed public offering price of US$11.20 – and kept the number of shares at 4.0 million – to raise $24.0 million. In that Nov. 17, 2023, filing with the SEC, WeTouch Technology updated its financial statements for the nine-month period through Sept. 30, 2023. Background: WeTouch Technology disclosed terms for its NASDAQ uplisting/public offering in an S-1/A filing dated Sept. 22, 2023: 4.0 million ordinary shares at an assumed public offering price of US$11.20 to raise $44.8 million. A 1-for-20 reverse stock split became effective on Sept. 12, 2023, according to the prospectus.)  (Background: WeTouch Technology resurrected its plans for a public offering/NASDAQ uplisting in an S-1 filing dated March 21, 2023. In a letter dated March 8, 2023, the SEC deemed that Wetouch Technology’s previous IPO was abandoned; that previous IPO filing began with an S-1 in September 2021.) “.

Wetouch Technology was founded in 1992 and has 130 employees. The company is located at No. 29, Third Main Avenue Shigao Town, Renshou County Meishan, Sichuan, 620500 China and can be reached via phone at (86) 028-37390666 or on the web at https://www.wetouchinc.com/.

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