VCI Global Announces Pricing of $2.75 Million Public Offering
12 January 2024 - 3:17PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
today announced the pricing of a public offering of 2,200,000 the
Company’s ordinary shares and accompanying Series A warrants to
purchase up to 2,200,000 ordinary shares (“Series A Warrants”) and
Series B warrants to purchase up to 2,200,000 ordinary shares
(“Series B Warrants”, together with Series A Warrants, collectively
the “Series Warrants”) at a combined offering price of $1.25 per
ordinary share and associated Series Warrants. The Series Warrants
have an exercise price of $1.25 per share and will be immediately
exercisable upon issuance. The Series A Warrants will expire five
years following the initial exercise date, and the Series B
Warrants will expire eighteen months following the initial exercise
date. The closing of the offering is expected to occur on or about
January 17, 2024, subject to the satisfaction of customary closing
conditions.
StockBlock Securities LLC is acting as the
exclusive placement agent for the offering.
The gross proceeds to the Company from the
offering are expected to be approximately $2.75 million, before
deducting the placement agent’s fees and other offering expenses
payable by the Company. The Company intends to use the net proceeds
from the offering to engage in (i) client initial public offerings
investment (25%); (ii) strategic acquisitions of businesses (25%);
(iii) financing initiatives (25%); (iv) research and development
for technology related areas (15%); and (v) team expansion
(10%).
The securities described above are being offered
pursuant to a registration statement on Form F-1 (File No.
333-275239) originally filed with the Securities and Exchange
Commission (“SEC”) on August 18, 2023, as amended, and became
effective on January 11, 2024. The offering is being made only by
means of a prospectus, which forms a part of the effective
registration statement. When available, electronic copies of the
final prospectus may be obtained for free on the SEC’s website
located at http://www.sec.gov and may also be obtained, when
available, by contacting StockBlock Securities LLC at 600 Lexington
Avenue, 32nd Floor, New York, New York 10022, by phone at
212-540-4440 or e-mail at notices@stockblock.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
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 other jurisdiction.
About VCI Global Limited
VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, initial public offering,
marketing, real estate consultancy and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log on to
https://v-capital.co/.
Forward-Looking Statements:
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business, the completion of the offering, the
satisfaction of customary closing conditions related to the
offering, the intended use of proceeds from the offering, and other
statements that are not historical facts, including statements
which may be accompanied by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. Actual results could differ materially from those described
in these forward-looking statements due to certain factors,
including without limitation, market and other conditions, the
Company’s ability to achieve profitable operations, customer
acceptance of new products, the effects of the spread of
Coronavirus (COVID-19) and future measures taken by authorities in
the countries wherein the Company has supply chain partners, the
demand for the Company’s products and the Company’s customers’
economic condition, the impact of competitive products and pricing,
successfully managing and, general economic conditions and other
risk factors detailed in the Company’s filings with the SEC. The
forward-looking statements contained in this press release are made
as of the date of this press release, and the Company does not
undertake any responsibility to update the forward-looking
statements in this release, except in accordance with applicable
law.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn Bhd on behalf of
VCI Global LimitedFor media queries, please contact:
Imej Jiwa Communications Sdn BhdChris
Chuahchris@imejjiwa.com
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