{"url_path":"/sec/hlp/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1855557/0001213900-26-055737-index.html","accession_number":"0001213900-26-055737","cik":"0001855557","ticker":"HLP","issuer_name":"Hongli Group Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1855557/0001213900-26-055737-index.html","primary_entity_key":"0001855557","primary_entity_name":"Hongli Group Inc."},"word_count":219,"has_tables":true,"body_markdown":"Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS\nAND USE OF PROCEEDS\n\n \n\nSee “Item 10. Additional Information”\nfor a description of the rights of securities holders, which remain unchanged.\n\n \n\nUse of Proceeds\n\n \n\nThe following “Use of Proceeds” information\nrelates to the Registration Statement on Form F-1, in relation to our initial public offering of 2,371,875 Ordinary Shares (including\nexercise of over-allotment option). The initial public offering was consummated on March 31, 2023 and the over-allotment option was exercised\non May 2, 2023. The managing underwriter was EF Hutton, division of Benchmark Investments, LLC. The Ordinary Shares were sold at an offering\nprice of $4.00 per share, generating gross proceeds of approximately $9.49 million, and net proceeds of approximately $8.4 million. \n\n \n\nWe have earmarked and have used the proceeds of\nthe initial public offering as follows: approximately $4.3 million were used to repay the bank loans in connection with the Expansion\nPlan, approximately $1.8 million were used to pay for a portion of the remaining Yingxuan Assets, approximately $0.4 million were used\nfor product research and development, and approximately $0.1 million were used for recruitment of personnel including not only experienced\npersonnel with solid industry background for the growth of business but experienced personnel and/or advisors with expertise in U.S. GAAP\nand internal control and capital markets experience."}