Univest Securities, LLC Announces Closing of $5 Million Initial Public Offering of Ordinary Shares and Full Exercise of Exercise of Underwriters’ Over-Allotment Option for its Client Davis Commodities Limited (Nasdaq: DTCK)

New York, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of an initial public offering (the “Offering”) of 1,087,500 ordinary shares and exercised 163,125 over-allotment options for a total offering of 1,250,625 at a public offering price of US$4.00 per ordinary share for its client Davis Commodities Limited (Nasdaq: DTCK) (the “Company” or “Davis Commodities”), an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products. The ordinary shares began trading on the Nasdaq Capital Market on September 19, 2023 under the ticker symbol “DTCK.”

The Company received aggregate gross proceeds of approximately US$5.00 million from the Offering, before deducting underwriting discounts and other related expenses.

Proceeds from the Offering will be used for: (i) business expansion, including strengthening market position, expanding the scope of product offerings, engaging in strategic acquisitions and investments, joint venture partnerships, and investing in equipment and technology; (ii) repayment of bank borrowings with the incurred interest expenses; and (iii) working capital and general corporate matters.

The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as the sole book-running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and Ortoli Rosenstadt LLP acted as U.S. counsel to Univest in connection with the Offering.

A registration statement on Form F-1, as amended (File No. 333-270427), relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) by the Company and declared effective by the SEC on September 18, 2023. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Univest, Attn: 75 Rockefeller Plaza, Suite 18C, New York, NY 10019, by email at info@univest.us, or by calling +1 (212) 343-8888. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s 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 such state or jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About Davis Commodities Limited

Based in Singapore, Davis Commodities Limited is an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products in various markets, including Asia, Africa and the Middle East. The Company sources, markets, and distributes commodities under two main brands: Maxwill and Taffy, and exclusively distributes the Lin brand in Singapore. The Company also provides customers of its commodity offerings with complementary and ancillary services, such as warehouse handling and storage and logistics services. The Company utilizes an established global network of third-party commodity suppliers and logistics service providers to distribute sugar, rice, and oil and fat products to customers in over 20 countries, as of the fiscal year ended December 31, 2022. For more information, please visit the Company’s website: https://ir.daviscl.com/.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Univest Securities, LLC

Edric Guo

Chief Executive Officer

75 Rockefeller Plaza, Suite 18C

New York, NY 10019

Phone: (212) 343-8888

Email: info@univest.us