LYL Shares Close at $13.67 After 2017's Third Chinese IPO Underwritten by Boustead
October 23, 2017 -- Dragon Victory International Limited (NASDAQ: LYL or “Dragon Victory” or the “Company”), a provider of reward-based crowdfunding opportunities and quality incubation services to entrepreneurs in China, commenced trading Friday on The NASDAQ Capital Market under the ticker symbol “LYL.” Shares climbed to $13.67 after opening at $7.39, rising 128%, in Dragon Victory’s NASDAQ debut.
Boustead Securities, LLC ("Boustead") was Lead Underwriter for its third NASDAQ IPO of a Chinese company this year. All three of the Boustead-underwritten Chinese offerings on NASDAQ rank among the top-performing IPOs of 2017.
Dragon Victory completed its initial public offering ("IPO") of 1,421,394 of LYL's ordinary shares at a price of $6.00 per share for a total of $8,528,363 in gross proceeds to the Company before underwriting discounts, commissions and offering expenses, on September 15, 2017.
Dan McClory, Head of Equity Capital Markets at Boustead Securities, LLC , stated “It truly is an exceptional milestone for Dragon Victory to become one of the first crowdfunding portals in the world to list on a national securities exchange such as NASDAQ. Boustead Securities congratulates Dragon Victory, Chairman Han, the entire LYL executive team and the Company’s investors, for this pioneering achievement,” McClory concluded.
Mr. Yu Han, Chairman and Chief Executive Officer of Dragon Victory International Limited, commented. “We are very excited with our first trading performance. Our team has worked diligently to list on the NASDAQ Stock Exchange, which is an important milestone in the evolution of Dragon Victory. We believe that the combination of our differentiated, integrated crowdfunding model and strong balance sheet, coupled with trading on the well-regarded NASDAQ, will serve our current and future investors well."
A registration statement relating to the shares and the underlying securities was declared effective by the Securities and Exchange Commission (the "SEC") on July 28, 2017.
Boustead Securities, LLC Contact: Dan McClory, Managing Director, Head of China, and Head of Equity Capital Markets +1 (949) 502-4408 dan@boustead1828.com
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