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China-focused wellness products marketer Aixin Life International (OTCQX:AIXN) plans to uplist its shares to Nasdaq and conduct a $50M public offering.
Aixin, which is headquartered in Colorado, didn’t specify in its filing the number and price of the shares to be offered, but said that it aiming to raise around $50M. Network 1 Financial is serving as lead bookrunner.
The company’s shares are currently traded OTC under the symbol AIXN. It hopes to list them on Nasdaq under the same symbol.
The company conducts business through operating companies in China and an intermediary company based in the British Virgin Islands. For 2021, Aixin reported a net loss of $267K on revenue of $3M.
Aixin is a developer, maker and marketer of nutritional and wellness products for the Chinese market, including traditional Chinese remedies, probiotics and weight management products. The company also provides advertising and marketing services to other companies.
As part of its marketing strategy, Aixin purchased a pharmacy chain in China in June 2021. The company currently operates 13 pharmacies, with plans to expand. It also owns a 108-room hotel in Chengdu, China.
