RTTNews | Apr 1, 2021 10:23AM EDT

10:22 Thursday, April 1, 2021 (RTTNews.com) - Shares of Universe Pharmaceuticals INC (UPC) are surging more than 40% Thursday morning at $5.81 after underwriter fully exercised over-allotment option.

The pharmaceutical company today said underwriter of its previously announced initial public offering of ordinary shares has fully exercised its option to purchase an additional 750,000 ordinary shares at $5 per share to cover over allotments, that results in additional gross proceeds of $3.75 million.

The company plans to use the gross proceeds of $28.75 million for upgrading and expanding the company's manufacturing facilities, conducting research and development, branding, advertising and marketing, and for general corporate purposes.

UPC has been trading in the range of $3.75- $11.99 in the last one year.

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