China-focused wellness products marketer Aixin Life International (OTCQX:AIXN) plans to upgrade its shares to Nasdaq and make a $50 million public offering.
Aixin, which is headquartered in Colorado, did not specify the number in its application and price of the shares to be offered, but said it aims to raise about $50 million. Network 1 Financial acts as lead bookrunner.
The company’s stock currently trades 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 in the British Virgin Islands. For 2021, Aixin reported a net loss of $267K on $3M in revenue.
Aixin is a developer, maker and marketer of nutrition 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 bought 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.