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Chinese-American touchscreen maker Wetouch (OTCQB:WETH) has refiled with the SEC to uplist its shares to Nasdaq and raise around $46M.
Wetouch didn’t state in its filing how many shares it was looking to offer or the price, but indicated in its filing feel schedule that it was seeking to raise about $46M. Selling shareholders plan to offer up to 3.9M additional shares.
Wetouch shares are currently traded OTC under the symbol WETH. The company has applied for a listing on Nasdaq with the same symbol and plans to conduct a reverse stock split ahead of the offering.
Craft Capital Management and R.F. Lafferty & Co. are serving as lead underwriters on the deal.
Incorporated in Nevada, Wetouch conducts most of its operations in China through subsidiaries. The company designs, manufactures, sells and services medium and large touchscreens for both the Chinese and international markets.
The company has been profitable. For the nine-month period ended Sept. 30, Wetouch reported net income of $8.8M on revenue of $35.4M.
Wetouch first filed for the uplisting in September 2021, seeking to raise around $58M. The SEC declared its registration abandoned earlier this month due to lack of action.
Wetouch was approved to list its stock on the OTCQB market in March 2021.
