Univest Securities, LLC Announces Closing of $16 Million Initial Public Offering of Class A Ordinary Shares for its Client Lichen China Limited (NASDAQ: LICN)

New York, Feb. 08, 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 4,000,000 Class A ordinary shares at a public offering price of US$4.00 per Class A ordinary share for its client Lichen China Limited ("Lichen" or the "Company") (NASDAQ:LICN), a dedicated financial and taxation service provider in China. The Class A ordinary shares began trading on the Nasdaq Capital Market on February 6, 2023 under the ticker symbol "LICN."

The Company received aggregate gross proceeds of US$16 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 600,000 Class A ordinary shares at the public offering price, less underwriting discounts.

Proceeds from the Offering will be used to expand the Company's financial and taxation solution services, strengthen research and development ("R&D") capabilities and expand self-developed software, improve brand recognition through multi-channel marketing, and working capital and general corporate matters.

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

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission ("SEC") (File Number: 333-264624) and was declared effective by the SEC on February 3, 2023. The Offering was being 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 Securities, LLC, by email at [email protected], or by standard mail to Univest Securities, LLC, 75 Rockefeller Plaza Suite 18C, New York, NY 10019. 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 Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its "Lichen" brand. In recognition of the Company's expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company's website: https://ir.lichenzx.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: [email protected]