Londian Wason New Energy Tech Inc. (NYSE: FOIL), a global innovation-driven developer and manufacturer of electrolytic copper foil, recently announced the closing of the sale of an additional 626,104 American Depositary Shares (ADSs) pursuant to the partial exercise of the underwriters’ over-allotment option granted in connection with its initial public offering (IPO).
The option was exercised at the IPO price of USD22.00 per ADS. Including the previously announced IPO gross proceeds of USD94,285,708, the company raised aggregate gross proceeds of USD108,059,996 prior to deducting underwriting discounts, commissions, and offering expenses.
Cantor Fitzgerald & Co., Huatai Securities (USA), Inc., CMB International Capital Limited, and US Tiger Securities acted as representatives of the underwriters for the offering.
Londian Wason is an integrated materials enterprise specializing in R&D, manufacturing, and sales of high-performance new energy and electronic materials. It is China’s first manufacturer to develop 6μm high-strength LiB copper foil and the world’s first one to be capable of mass producing 6μm LiB copper foil. The company also has large-scale mass production capacity for 4μm high-tensile and high-strength LiB copper foil. The Company’s broad product suite ranges from ultra-thin battery foils to PCB-grade foils covering HTE to HVLP specifications, serving diverse end markets including electric vehicles (EVs), energy storage systems (ESS), telecommunications, and consumer electronics. Its PCB copper foil delivers high signal integrity and minimal signal attenuation for high-frequency, high-speed transmission, supporting next-generation advanced computing clusters.
In the PCB copper foil segment, Londian Wason has served as a key supplier to Panasonic Industrial Materials for 12 consecutive years. As AI-driven demand for computing infrastructure surges exponentially, high-frequency and high-speed PCB copper foil has become a critical material for AI servers and high-speed switches. According to Frost & Sullivan, Londian Wason shipped approximately 111,985 metric tons of lithium battery copper foil in 2025, ranking No.1 globally by annual sales volume.
The primary purposes of this offering are for global production expansion and upgrade, including building new manufacturing facilities, purchasing advanced production equipment, and expanding capacity via potential strategic investments and acquisitions, and for the R&D of advanced technologies, high-efficiency manufacturing processes, expanded product portfolios and application scenarios, as well as for general corporate purposes, such as capital requirements and attracting and retaining industry talent.
The offering was conducted under the company’s Registration Statement on Form F-1, declared effective by the U.S. Securities and Exchange Commission on August 11, 2026.