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HTFL’s Client Zhongchao Inc. Successfully Closes its IPO of US$12 Million

February 26, 2020

Zhongchao Inc. (the “Company”) (Nasdaq: ZCMD), a provider of healthcare information, professional training and educational services to healthcare professionals and the public in China, today announced the closing of the initial public offering (“IPO”) of 3,000,000 Class A ordinary shares, par value $0.0001 per share, at a price of $4.00 per share. The Company’s Class A ordinary shares began trading on the Nasdaq Capital Market on February 24, 2020 under the symbol “ZCMD.”

The Company received aggregate gross proceeds of approximately $12.0 million from the IPO. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 450,000 Class A ordinary shares.

Proceeds from the IPO will be used for: 1) the development of the Company’s online course content; 2) platform technology upgrade and system integration; and 3) the expansion of the Company’s existing locations to develop new customers through the hiring of more qualified personnel and/or marketing effort.

Network 1 Financial Securities, Inc. is acting as the lead underwriter and book-runner for the IPO. Tiger Brokers (NZ) Limited is acting as co-underwriter for the IPO.

Hunter Taubman Fischer & Li LLC, Conyers Dill & Pearman, and Zong Heng Law Firm are acting as U.S., the Cayman Islands, and PRC legal counsels to the Company, respectively. VCL Law LLP and Allbright Law Offices are acting as U.S. and PRC legal counsels to the underwriters, respectively.

Managing Partner, Louis Taubman stated, “We are very proud of our client, Zhongchao Inc., for completing their IPO, and of Arila Zhou, our Partner who acted as lead counsel for the offering. We have enjoyed working with the excellent team of professionals that helped to get the offering completed on time.”

Hunter Taubman Fischer & Li LLC is a boutique law firm specializing in corporate, commercial and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.