VCI Global Announces Closing of $2.75 Million Public Offering
January 18 2024 - 6:00PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
today announced the closing of its previously announced 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 are 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.
StockBlock Securities LLC acted as the exclusive
placement agent for the offering.
The gross proceeds to the Company from the
offering were 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 were offered
pursuant to a registration statement on Form F-1 (File No.
333-275239) originally filed with the Securities and Exchange
Commission (“SEC”) on October 31, 2023, as amended, and became
effective on January 11, 2024. The offering was made only by means
of a prospectus, which forms a part of the effective registration
statement. 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 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 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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