Bon Natural Life Ltd

We commenced our natural products and ingredients business through Xi’an App-Chem Bio(Tech) Co., Ltd. ( Xi’an App-Chem ), a corporation formed in the People’s Republic of China in April of 2006. On April 23, 2006, Xi’an App-Chem received its Business License (Registration No.: 6101012116403) from the Xi’an Administration for Industry and Commerce. On December 11, 2019, Bon Natural Life Limited was incorporated under the laws of the Cayman Islands as our offshore holding company to facilitate financing and offshore listing. Bon Natural Life Limited subsequently established a Wholly Foreign-Owned Enterprise ( WOFE ) in PRC China, Tea Essence Health Tech (Hangzhou) Co., Ltd.(Tea Essence (Hangzhou)). Tea Essence (Hangzhou) is wholly owned by our direct subsidiary in Hong Kong, Tea Essence. Initial Public Offering On June 28, 2021, the Company closed its initial public offering ( IPO ) of 8,800 ordinary shares, par value US$0.025 per share at a public offering price of $1,250 per share, and the Company’s ordinary shares started to trade on the Nasdaq Capital Market under the ticker symbol BON since June 24, 2021. On July 2, 2021, the underwriters exercised its over-allotment option to purchase an additional 1,320 shares, par value US$0.025 per share at the price of $125 per share. Gross proceeds of the Company’s IPO, including the proceeds from the sale of the over-allotment shares, totaled $12.65 million, before deducting underwriting discounts and other related expenses, resulting in net proceeds of approximately $11.3 million.