Megan Holdings Limited Announces Closing of $7.5 Million Follow-on Public Offering

The financing adds cash while issuing 15,000,000 Class A ordinary shares at US$0.50 per share.

Rhea-AI Summary

Megan Holdings (Nasdaq: MGN) closed a follow-on public offering that raised approximately US$7.5 million in gross proceeds for the company.

The offering comprised 15,000,000 Class A ordinary shares at US$0.50 per share and was conducted on a reasonable best efforts basis. Gross proceeds exclude placement agent fees and other offering expenses. Megan intends to use the net proceeds for business ventures and acquisitions and general working capital. Prime Number Capital acted as the exclusive placement agent.

1 point · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 2 points

How the balance works

Positive

• Major pointApproximately US$7.5 million in gross proceeds raised through the completed follow-on public offering. 1.7× market cap

Negative

• Major point15,000,000 new Class A ordinary shares at US$0.50 each dilute existing holders.
• Minor pointPlacement agent fees and other offering expenses reduce proceeds available to Megan.

News Explained

With the offering now closed, the 15 million Class A ordinary shares sold by Megan Holdings increase the total share count and reduce existing holders’ percentage ownership, absent offsetting changes.

Argus 15 min delay 9 alerts

+7.74% vs previous close $3.87 last price 1.7x rel. volume Open Argus

Details

Market move: MGN +7.74% vs previous close. Follow-on public offering

+3.6% Peak in 3 min

$3.26 – $4.14 Day Range

$4.77M Mkt Cap at Last Price

On Oct 29, the day this news came out, the latest delayed price for MGN is 7.74% above the previous close. Argus tracked a peak move of +3.6% during the session. Our momentum scanner has recorded 9 alerts for this stock so far that day. The latest delayed price is $3.87. Relative volume is above average at 1.7x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Class A ordinary shares offered: 15,000,000 shares Public offering price: US$0.50 per share Gross proceeds: US$7.5 million

Class A ordinary shares offered

15,000,000 shares

Follow-on public offering

Public offering price

US$0.50 per share

Follow-on public offering

Gross proceeds

US$7.5 million

Before placement agent fees and other offering expenses

Previous Offering Reports

1 past event · Latest: Feb 27

Same Type 1 event

1. Feb 27

   Follow-on offering

   24h Move

   +21.5%

   Closed a prior follow-on offering of 20.75 million shares at $0.40, raising $8.3 million gross.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

reasonable best efforts, follow-on public offering, par value, placement agent, +1 more

5 terms

reasonable best efforts financial

"closing of its reasonable best efforts follow-on public offering"

A contractual standard that obligates a party to take diligent, commercially sensible steps to accomplish a stated objective but stops short of an absolute guarantee; the party must try reasonably hard and act in good faith, using available resources and customary methods, but is not required to take extreme, impractical, or ruinous measures to succeed. In practice the phrase sits between stricter formulations (e.g., “best efforts,” which courts often interpret as requiring very vigorous attempts) and looser ones (e.g., “reasonable efforts”), and its exact scope can depend on the contract language and governing law, so it does not impose unlimited liability or force actions that would be commercially unreasonable.

follow-on public offering financial

"closing of its reasonable best efforts follow-on public offering"

An offering of new shares by a company that has already gone public, sold to investors to raise additional cash. Like a bakery cutting a larger cake to serve more customers, it increases the number of shares available which can lower each existing share’s claim on profits and ownership; investors watch these offerings because they can dilute current holdings, signal fundraising needs or growth plans, and often affect the stock price in the short term.

par value financial

"Class A ordinary shares, par value US$0.003 per share"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

placement agent financial

"Prime Number Capital, LLC acted as the exclusive placement agent"

A placement agent is a professional or firm that helps organizations raise money from investors, such as individuals, institutions, or funds. They act like matchmakers, connecting those seeking investments with the right investors and guiding the process to ensure successful funding. For investors, they can provide access to exclusive opportunities and help navigate complex fundraising efforts.

Form F-1 regulatory

"offered pursuant to a registration statement on Form F-1"

A Form F-1 is the document a non-U.S. company files with U.S. regulators when it wants to sell stock or other securities to U.S. investors. It lays out the company’s business, finances, risks and how the offering will work, acting like a product manual and ingredient list so investors can judge what they’re buying. For investors, it’s a key source of verified information used to compare opportunities and assess potential reward and risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Malaysia, Kuala Lumpur, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Megan Holdings Limited (Nasdaq: MGN) (the “Company” or “Megan”), a Malaysia-based company principally engaged in the development, construction, and maintenance of aquaculture farms and related works, today announced the closing of its reasonable best efforts follow-on public offering (the “Offering”) of 15,000,000 Class A ordinary shares, par value US$0.003 per share, at a public offering price of US$0.50 per share.

Gross proceeds to the Company, before deducting placement agent fees and other offering expenses, were approximately US$7.5 million. The Company intends to use the net proceeds from the Offering for, business ventures and acquisitions and general working capital.

Prime Number Capital, LLC acted as the exclusive placement agent in connection with the Offering. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company. Ye & Associates, P.C. acted as U.S. securities counsel to the placement agent, Prime Number Capital, LLC.

The securities described above were offered pursuant to a registration statement on Form F-1 (File No. 333-299548), as amended (the “Registration Statement”), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 27, 2026. The Offering was made only by means of a prospectus forming part of the Registration Statement. A final prospectus relating to the Offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus may be obtained from Prime Number Capital, LLC, 12 East 49th Street, 27th Floor, New York, NY 10017, by telephone at +1 (347) 329-1575  or by email at info@pncps.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, 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 registration or qualification under the securities laws of any such state or other jurisdiction.

About Megan Holdings Limited

Megan is a Malaysia-based company principally engaged in the development, construction, and maintenance of aquaculture farms and related works. Since its inception in 2020, the Company has strived to establish itself as a trusted and experienced provider of shrimp farm related maintenance services in Malaysia. Complementary to its upgrading and maintenance services, Megan also assists customers with the design and development of new farms, including the development and construction of a shrimp hatchery center in Semporna, Sabah, and the development of a 111-acre shrimp farm in Tawau, Sabah, Malaysia. Megan also assists customers in sourcing building materials and machineries available for rental for use on their farms, positioning itself as a one-stop center for aquaculture and agriculture needs. For more information, please visit the company’s website: https://www.meganmezanin.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the expected use of proceeds from the Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expected use of proceeds from the Offering. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate” or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in its registration statement on Form F-1 and other filings with the SEC.

For media inquiries, please contact:

Megan Holdings Limited

Investor Relations Department
Email: info@meganmezanin.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Megan Holdings raise in its follow-on offering, and at what price?

Megan raised approximately US$7.5 million in gross proceeds by issuing 15,000,000 Class A ordinary shares at US$0.50 per share. That amount is before placement agent fees and other offering expenses.

How does Megan Holdings plan to use the offering proceeds?

Megan intends to use the net proceeds for business ventures and acquisitions and general working capital.