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HF Enterprises Inc. Announces Closing of Initial Public
Offering
Bethesda,
MD, November 27, 2020 – HF Enterprises Inc. (NASDAQ: HFEN) (the "Company"), a
diversified holding company principally engaged through its
subsidiaries in property development, digital transformation
technology and biohealth activities, today announced the closing of
its initial public offering of 2,160,000 shares of its common stock
at a public offering price of $7.00 per share. The gross proceeds
from the Company’s initial public offering were approximately
$15.1 million, before deducting offering expenses.
Aegis Capital Corp. acted as lead book-running manager for the
offering.
WestPark
Capital, Inc. acted as Co-manager.
A
registration statement relating to the shares of common stock sold
in this offering was declared effective by the Securities and
Exchange Commission (the "SEC") on November 12, 2020. The offering
was made only by means of a prospectus. Copies of the final
prospectus may be obtained on the SEC's website, www.sec.gov, or by
contacting Aegis Capital Corp., Attention: Syndicate Department,
810 7th Avenue, 18th Floor, New York, NY 10019, by email at
syndicate@aegiscap.com, or by telephone at (212)
813-1010.
This
press release shall not constitute an offer to sell, or a
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 any such
state or jurisdiction.
About HF Enterprises Inc.
HF
Enterprises Inc. is a diversified holding company principally
engaged through its subsidiaries in property development, digital
transformation technology and biohealth activities with operations
in the United States, Singapore, Hong Kong, Australia and South
Korea. The Company manages its three principal businesses primarily
through its subsidiary, Alset International Limited (formerly known
as "Singapore eDevelopment Limited"), a public company traded on
the Singapore Stock Exchange. Through this subsidiary (and
indirectly, through other public and private U.S. and Asian
subsidiaries), the Company is actively developing two significant
real estate projects near Houston, Texas and in Frederick, Maryland
in the property development segment. The Company has designed
applications for enterprise messaging and e-commerce software
platforms in the United States and Asia in the digital
transformation technology business unit. The Company's recent foray
into the biohealth segment primarily includes research to treat
neurological and immune-related diseases, nutritional chemistry to
create a natural sugar alternative, research regarding innovative
products to slow the spread of disease, and certain natural foods
and supplements.
Investor Contact:
Dave
Gentry, CEO
RedChip
Companies Inc.
407-491-4498
Dave@redchip.com
Forward-Looking Statement Disclaimer
Statements in this press release contain "forward-looking
statements" that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as "anticipate,"
"believe," "contemplate," "could," "estimate," "expect," "intend,"
"seek," "may," "might," "plan," "potential," "predict," "project,"
"target," "aim," "should," "will" "would," or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on HF Enterprises Inc.’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. These and other risks and
uncertainties are described more fully in the section titled "Risk
Factors" in the final prospectus related to the public offering
filed with the SEC. Forward-looking statements contained in this
announcement are made as of this date, and HF Enterprises Inc.
undertakes no duty to update such information except as required
under applicable law.