IT Tech Packaging, Inc. Announces Proposed Public Offering of Common Stock and Warrants

BAODING,China,Feb.24,2021 -- IT Tech Packaging,Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or "the Company"),a leading manufacturer and distributor of diversified paper products in North China,today announced it has commenced an underwritten public offering of shares of its common stock and warrants to purchase shares of its common stock. The offering is subject to market conditions,and there can be no assurance as to whether or when the offering may be completed,or as to the actual size or terms of the offering.

Maxim Group LLC is acting as the sole book-running manager for the offering.

The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on August 31,2020 and declared effective on February 25,2021. A preliminary prospectus supplement describing the terms of the public offering will be filed with the SEC and will form a part of the effective registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the public offering may be obtained,when available,by contacting Maxim Group LLC,405 Lexington Avenue,2nd Floor,New York,NY 10174,or by telephone at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy,nor shall there be any sale of these securities in any state or jurisdiction in which such offer,solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About IT Tech Packaging,Inc.

Founded in 1996,IT Tech Packaging,Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products),ITP produces and distributes three categories of paper products: corrugating medium paper,offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province,ITP is located strategically close to the Beijing and Tianjin region,home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE MKT since December 2009.

Safe Harbor Statement

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated,including risks outlined in the Company's public filings with the Securities and Exchange Commission,including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law,the Company undertakes no obligation to update or revise its forward-looking statements.

For further information,please contact:

At the Company

Email: ir@itpackaging.cn

Tel: +86 0312 8698215

Investor Relations:

Janice Wang

+86-138-1176-8559

EverGreen Consulting Inc.

Email: ir@changqingconsulting.com

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