Primary deal will consist of 2 million shares; secondary sale planned
By Devika Patel
Knoxville, Tenn., June 1 – Gushen, Inc. priced its $1.6 million initial public sale of stock with a $1,704,000 secondary stock sale, according to an S-1 filing made Monday with the Securities and Exchange Commission.
The company will sell 2 million common shares at $0.80 per share. It also registered 2.13 million shares that will be sold by selling shareholders.
Proceeds from the primary sale will be used to purchase office equipment, to hire managerial support and staff, to recruit personnel, to train staff, for travel expenses and for marketing.
Chief executive officer and chief financial officer Huang Pin Lung will be selling shares for the company while simultaneously selling his own stock from his personal account. A conflict of interest may arise due to Huang selling his own shares while also selling company shares. Huang will not receive any commissions or proceeds for selling the company shares.
The Kowloon, Hong Kong, company plans to provide managerial and IT support to start-ups and small and medium enterprises and assist them in the early stages of operations as they expand and grow. It plans to list its stock on the OTCBB exchange.
| Issuer: | Gushen, Inc.
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| Issue: | Common stock
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| Amount: | $1.6 million
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| Shares: | 2 million
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| Price: | $0.80
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| Warrants: | No
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| Pricing date: | June 1
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| Expected exchange: | OTCBB
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