Kuala Lumpur, Malaysia and Irvine, CA — January 23, 2024 – Boustead Securities, LLC (“Boustead”) IPO client VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) announced the closing of its public offering for gross proceeds to the Company of $2.75 million, before deducting the placement agent’s fees and other offering expenses payable.
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 Offering consisted 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.
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.
This 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, and technology consultancy services. Its clients range from small-medium enterprises and government-linked agencies to publicly traded companies across various 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/
Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit: www.boustead1828.com
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