UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2024
Commission File Number: 001-41928
Planet Image International Limited
No. 756 Guangfu Road
Hi-tech Development Zone
Xinyu City, Jiangxi Province
People’s Republic of China
+86 0790-7138216
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Pricing and Closing of Initial Public Offering
On January 29, 2024, Planet Image International Limited (the “Company”) closed its initial public offering (the “IPO”) of 1,250,000 Class A ordinary shares, par value HK$0.0001 per share (the “Class A Ordinary Shares”). The Company completed the IPO pursuant to its registration statement on Form F-1 (File No. 333-263602), which was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2022, as amended, and declared effective by the SEC on January 24, 2024. The Class A Ordinary Shares were priced at $4.00 per share, and the offering was conducted on a firm commitment basis. The Class A Ordinary Shares were previously approved for listing on the Nasdaq Capital Market and commenced trading under the ticker symbol “YIBO” on January 25, 2024.
In connection with the IPO, the Company entered into an underwriting agreement, dated January 24, 2024, with US Tiger Securities, Inc. (“US Tiger” or “Representative”), the sole book-running manager relating to the IPO.
On January 29, 2024, the Company also issued to the Representative warrants to purchase up to 37,500 Class A Ordinary Shares.
In connection with the IPO, the Company issued a press release on January 24, 2024 announcing the pricing and trading of the IPO and a press release on January 29, 2024 announcing the closing of the IPO, respectively.
Copies of the two press releases are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.
This report does not constitute an offer to sell, or the 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 the registration or qualification under the securities laws of any such state or jurisdiction.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Planet Image International Limited | ||
| Date: January 30, 2024 | By: | /s/ Shaofang Weng |
| Name: | Shaofang Weng | |
| Title: | Chief Executive Officer | |
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EXHIBIT INDEX
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Exhibit 99.1
Planet Image International Limited Announces Pricing of Initial Public Offering
Xinyu, China, January 24, 2024 /PRNewswire/ -- Planet Image International Limited (“Planet Image” or the “Company”) (Nasdaq: YIBO), an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe, today announced the pricing of its initial public offering of 1,250,000 Class A ordinary shares at a public offering price of US$4.00 per share for total gross proceeds of approximately US$5 million, before deducting underwriting discounts and offering expenses payable by the Company. The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on The Nasdaq Capital Market under the ticker symbol “YIBO” on January 25, 2024.
The Company has granted the underwriter a 45-day option to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts. The offering is expected to close on January 29, 2024, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for: i) constructing a comprehensive, multi-layer production center; ii) research and development; iii) updating the software systems of the Company’s own websites; iv) setting up additional warehouses in overseas locations; and v) general corporate purposes.
US Tiger Securities, Inc. is acting as the sole book runner for the offering. Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the Company. VCL Law LLP is acting as U.S. counsel to the underwriter.
A registration statement on Form F-1, as amended (File No.333- 263602) (the “Registration Statement”), relating to the offering, was filed with the U.S. Securities and Exchange Commission (“SEC”) by the Company and declared effective by the SEC on January 24, 2024. The offering is being made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus related to the offering may be obtained, when available, from US Tiger Securities, Inc., by standard mail to US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.
Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, 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 Planet Image International Limited
Planet Image International Limited is an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe. It primarily develops and manufactures toner cartridges that are compatible with, and can be used in, a wide range of commonly available models of laser printers from different manufacturers, or compatible toner cartridges, on a white-label or third-party brand basis or under its self-owned brands. It also sells its branded products through online sales channels under three brands, TrueImage, CoolToner, and AZtech. Its mission is to deliver high-quality and cost-effective printing solutions to consumers around the world with its proprietary technology, research and development capabilities and its integrated and localized sales, logistics and service platform. More information, please visit http://www.yibomk.com/.
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, the offer and sale of shares, the terms of the Company’s proposed offering, the intent, belief or current expectations of Planet Image and members of its management, as well as the assumptions on which such statements are based. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Investor Relations:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com
Exhibit 99.2
Planet Image International Limited Announces Closing of $5 Million Initial Public Offering
Xinyu, China, January 29, 2024 /PRNewswire/ -- Planet Image International Limited (“Planet Image” or the “Company”) (Nasdaq: YIBO), an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe, today announced the closing of its initial public offering of 1,250,000 Class A ordinary shares at a public offering price of US$4.00 per share. The Class A ordinary shares began trading on The Nasdaq Capital Market under the ticker symbol “YIBO” on January 25, 2024.
The Company received total gross proceeds of $5 million from the offering before deducting underwriting discounts and other related expenses payable by the Company. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts.
The Company intends to use the net proceeds from the offering for: i) constructing a comprehensive, multi-layer production center; ii) research and development; iii) updating the software systems of the Company’s own websites; iv) setting up additional warehouses in overseas locations; and v) general corporate purposes.
The offering was conducted on a firm commitment basis. US Tiger Securities, Inc. acted as the sole book runner for the offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company. VCL Law LLP acted as U.S. counsel to the underwriter.
A registration statement on Form F-1, as amended (File No.333-263602) (the “Registration Statement”), relating to the offering, was filed with the U.S. Securities and Exchange Commission (“SEC”) by the Company and declared effective by the SEC on January 24, 2024. The offering is being made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus related to the offering may be obtained from US Tiger Securities, Inc., by standard mail to US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, 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 Planet Image International Limited
Planet Image International Limited is an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe. It primarily develops and manufactures toner cartridges that are compatible with, and can be used in, a wide range of commonly available models of laser printers from different manufacturers, or compatible toner cartridges, on a white-label or third-party brand basis or under its self-owned brands. It also sells its branded products through online sales channels under three brands, TrueImage, CoolToner, and AZtech. Its mission is to deliver high-quality and cost-effective printing solutions to consumers around the world with its proprietary technology, research and development capabilities and its integrated and localized sales, logistics and service platform. More information, please visit http://www.yibomk.com/.
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Investor Relations:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com