Megan Holdings Limited (NASDAQ: MGN), a Malaysia-based aquaculture company, has closed its follow-on public offering, generating gross proceeds of approximately $8.3 million. The offering consisted of 20,750,000 Class A ordinary shares at a public offering price of $0.40 per share, before fees and expenses. D. Boral Capital LLC acted as the exclusive placement agent for the offering.
This capital infusion is expected to support Megan's core business of developing, constructing, and maintaining aquaculture farms. Since its inception in 2020, the company has focused on establishing itself as a trusted provider of shrimp farm maintenance services in Malaysia. It also assists customers with designing and developing new farms, including a shrimp hatchery center in Semporna, Sabah, and a 111-acre shrimp farm in Tawau, Sabah. Additionally, Megan helps customers source building materials and offers machinery rentals, positioning itself as a one-stop center for aquaculture and agriculture needs.
The closing of this offering is significant as it provides Megan with additional working capital to expand its operations and potentially accelerate its growth in the aquaculture sector, which is critical to meeting global seafood demand. For more details, the full press release is available at https://ibn.fm/a3aq2.
Megan Holdings is listed on the Nasdaq Capital Market under the ticker symbol MGN. More information about the company can be found on its website at https://www.meganmezanin.com/.
