WallachBeth Capital Announces the Completion of an Underwritten Public Offering of 1,100,000 Units for ABVC BioPharma, Inc.

JERSEY CITY, N.J., Aug. 6, 2021 /PRNewswire/ -- WallachBeth Capital, a leading provider of capital markets and institutional execution services, announced the completion of an underwritten public offering of 1,100,000 units for ABVC BioPharma, Inc. (NASDAQ: Common stock – ABVC) at an offering price of $6.25 per unit for total gross proceeds of $6.875 million, before deducting underwriting discounts and commissions and other estimated offering expenses and before any exercise of the underwriters' overallotment option.

Each Unit consists of one share of common stock, one Series A warrant to purchase one share of common stock at an exercise price equal to $6.30 per share, exercisable until the fifth anniversary of the issuance date, and one Series B warrant to purchase one common share at an exercise price of $10.00 per share, exercisable until the fifth anniversary of the issuance date. The Series B warrant can be exercised via cashless exercise upon the earlier of 15 days from the warrant issuance date or the time when $10 million of volume is traded in the common shares, in accordance with the terms thereof. The shares of Common Stock and Warrants comprising the Units are immediately separable and will be issued separately in the offering.

ABVC BioPharma has also granted us, as Representative of the underwriters, a 45-day option to purchase up to an additional 165,000 shares of common stock at a price of $6.23 and/or Series A Warrants to purchase up to an aggregate of 165,000 shares of common stock at a price of $0.01 and Series B Warrants to purchase up to an aggregate of 165,000 common shares at a price of $0.01, in any combinations thereof to cover over-allotments, if any. Further, ABVC has issued us warrants to purchase up to a total of 5% of the shares of common stock sold in the offering at an exercise price equal to 100% of the per unit offering price of the Units. The warrants are not exercisable for six (6) months after the effective date of the registration statement.

ABVC's common shares began trading on the NASDAQ Capital Market on August 3, 2021, under the ticker symbol "ABVC".                                     

WallachBeth Capital, LLC acted as sole book running manager for the offering.

About ABVC BioPharma

ABVC BioPharma is a clinical-stage biopharmaceutical company focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). The company has an active pipeline of six drugs and one medical device (ABV-1701/Vitargus^®) under development.

This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-255112) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on August 2, 2021 and an effective registration statement on Form S-1MEF (No. 333-258404). A final prospectus describing the terms of the proposed offering was filed with the SEC and may be obtained via the SEC's website at www.sec.gov or from WallachBeth Capital, LLC, via email at  cap-mkts@wallachbeth.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About WallachBeth Capital LLC
WallachBeth Capital offers a robust range of capital markets and investment banking services to the healthcare community, connecting corporate clients with leading institutions, creating value for both issuers and investors. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions. WallachBeth Capital is a leading provider of institutional execution services, offering clients a full spectrum of solutions to help them navigate increasingly complex markets. The firm's website is located at www.wallachbeth.com.

Forward-Looking Statements

This announcement contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. For example, statements regarding the Company's financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future product demand, supply, manufacturing, costs, marketing and pricing factors are all forward-looking statements. These statements are generally accompanied by words such as "intend," anticipate," "believe," "estimate," "potential(ly)," "continue," "forecast," "predict," "plan," "may," "will," "could," "would," "should," "expect" or the negative of such terms or other comparable terminology. The Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, based on information available to it on the date hereof, but the Company cannot provide assurances that these assumptions and expectations will prove to have been correct or that the Company will take any action that the Company may presently be planning. However, these forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results or experience may differ materially from those expected or anticipated in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies, available cash, research results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission at www.sec.gov.

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SOURCE WallachBeth Capital LLC