Ostin Technology Group Co., Ltd. Announces Closing of Initial Public Offering, Including Full … | News

Nanjing, China, April 29, 2022 (GLOBE NEWSWIRE) – Ostin Technology Group Co., Ltd. (the “Company”) (NASDAQ: OST), a supplier of display modules and polarizers in China, today announced the closing of its initial public offering (the “Offering”) of 3,881,250 ordinary shares, including 506,250 ordinary shares comprising the underwriters’ over-allotment option which was exercised in full, at a public offering price of $ 4.00 per ordinary share, for aggregate gross proceeds of $ 15,525,000 before deducting underwriting discounts and commissions and offering expenses. The Offering closed on April 29, 2022 and the ordinary shares began trading on April 27, 2022 on The Nasdaq Capital Market under the ticker symbol “OST.”

Prime Number Capital LLC acted as lead book-running manager for the offering. Shengang Securities Company Limited acted as joint book-runner. Ellenoff Grossman & Schole LLP acted as counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as counsel to the underwriters. King & Wood Mallesons acted as PRC counsel to the Company.

A registration statement on Form F-1, as amended (File No. 333-253959) relating to the Offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on April 26, 2022. The Offering is being made only by means of a prospectus. Copies of the prospectus related to the Offering may be obtained, when available, from Prime Number Capital LLC by email at [email protected] or via standard mail to Prime Number Capital LLC, Prospectus Department, 14 Myrtle Drive, Great Neck, NY 11021 ; Shengang Securities Company Limited by email at [email protected] or via standard mail to Shengang Securities Company Limited, Prospectus Department, Floor 16/22/23, Chamtime International Finance Center, 1589 Century Avenue, Pudong, Shanghai, 200122. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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 any such state or jurisdiction.

About Ostin Technology Group Co., Ltd.

Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.

For more information, please visit http://www.austinelec.com/.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly review these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Underwriter

Prime Number Capital LLC Ms. Xiaoyan Jiang, Chairwoman Email : [email protected] Phone: 516-582-9666

Shengang Securities Company Limited Mr. Da Zhai, VP of Investment Banking Email : [email protected] Phone : + 86-21-20639353

Investor Relations

EverGreen Consulting Inc. THX. Janice Wang, Managing Partner Email: [email protected] Phone: +1 571-464-9470 (from US) +86 13811768559 (from China)

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