IRVINE, Calif., Oct. 20, 2023 /PRNewswire/ -- ATIF Business Management LLC, a subsidiary of ATIF Holdings Limited (NASDAQ: ATIF, the "Company" or "ATIF"), has successfully guided Northann Corp. (hereinafter referred to as Northann) to list on the New York Stock Exchange.
According to the prospectus, Northann will offer 3 million shares at a price of $3 to $5 each, and is expected to raise $9 to $15 million. The stock symbol is "NCL". On the opening day, the highest price reached $5.
As a one-stop decoration solutions provider, Northann provides customers with additive manufacturing (commonly known as 3D printing), as well as the mass production of innovative construction solutions. The company's robust portfolio of manufacturing solutions relies on the use of inks, coatings, resins, soundproofing pads, glues, and other raw materials to create a variety of flooring, upholstery, and other products for its customers. Northann's revenue primarily consists of the wholesale and retail of vinyl flooring products, which are marketed and sold primarily in the United States and Canada, and the company serves customers throughout North America (primarily the United States and Canada), Europe and other regions.
For the six months ended June 30, 2023 and June 30, 2022, Northann's revenue was $7,276,623 compared to $14,326,585 in the same period last year, according to the disclosure in the prospectus.
For the six months ended June 30, 2023, Northann's gross profit was $2,152,706, compared to $2,090,684 for the same period in 2022. Gross profit margin increased from 14.59% for the six months ended June 30, 2022 to 29.58% for the six months ended June 30, 2023, resulting in improved production efficiency.
For the years 2020-2022, the company's revenue was $13,094,087, $34,525,344 and $20,957,972, respectively, and the corresponding net profit for the period was $444,099, $322,682 and $929,059, respectively.
As of the date of the prospectus, the total number of ordinary shares and preferred shares held by the CEO of Northann is 14,430,000 shares and 5,000,000 shares, with 92.04% voting rights.
Jun Liu, President, Chairman of the Board and Chief Executive Officer of ATIF, said, "It is a pleasure to participate in the NYSE listing of Northann. As a consultant, I look forward to seeing the additional resources and opportunities that Northann will have to drive the company's growth and innovation after the listing on the NYSE. "The listing is not only a recognition of our past achievements, but also a new starting point for our future development."
About ATIF
ATIF Holdings Limited (NASDAQ: ATIF) is a Lake Forest-based business consulting company that specializes in providing professional IPO, M&A advisory and post-IPO compliance services to small and medium-sized companies seeking to go public on a stock exchange in the United States. The company has a proven track record in successfully delivering comprehensive U.S. IPO consulting services to clients primarily in the United States but also internationally. The mission of ATIF is to provide one-stop, comprehensive consulting services that guide clients through the complex and often challenging process of going public. ATIF recognizes the complexity and challenges associated with the process of going public, and endeavors to simplify it while ensuring optimal outcomes for its clients through its comprehensive consulting services. ATIF has been awarded the "Golden Bauhinia Award", the highest award in the financial and securities industry in Hong Kong, for "Top 10 Best Listed Companies".
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, "estimated," "projected," Words such as "expect", "anticipate", "predict", "plan", "intend", "believe", "seek", "may", "will", "should", "future", "propose" and variations of these words or similar expressions (or the opposite of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements do not guarantee future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control and may cause actual results or achievements to differ materially from those discussed in the forward-looking statements. Important factors include future financial and operating results, including revenues, income, expenses, cash balances and other financial items; Ability to manage growth and expansion; Current and future economic and political conditions; The ability to compete in industries with low barriers to entry; The ability to obtain additional financing to fund capital expenditure in the future. Ability to attract new customers and further enhance brand awareness; Ability to hire and retain qualified management and key staff; Trends and competition in the financial advisory services industry; Pandemic or epidemic disease; Except as required by law, the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the expected results expressed or implied by the forward-looking statements we make. You should not interpret forward-looking statements as predictions of future events. Forward-looking statements represent only the beliefs and assumptions of our management as of the date such statements are made. The above forward-looking statements are made as of the date of this press release.
