Megan Holdings Limited Announces Pricing of Up to $7.5 Million Follow-on Public Offering

The offering has no minimum amount required to close, and maximum gross proceeds depend on selling all offered shares.

Rhea-AI Summary

Megan Holdings (Nasdaq: MGN) priced a follow-on public offering of up to 15,000,000 Class A ordinary shares. The public offering price is US$0.5 per share. Megan expects gross proceeds of up to approximately US$7.5 million if all offered shares are sold, before placement agent fees and other offering expenses.

The offering is on a reasonable best-efforts basis, with no minimum amount required to close. Closing is expected on or about October 29, 2026, subject to customary closing conditions. Megan intends to use net proceeds for new products, including its Smart Farming System, business ventures and acquisitions, and general working capital. Prime Number Capital is the exclusive placement agent.

2 points · 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 · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Offering expected to raise up to approximately US$7.5 million gross, assuming all offered shares sell. 2× market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Net proceeds are intended for new products, including the Smart Farming System, business ventures and acquisitions.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Up to 15,000,000 Class A ordinary shares at US$0.5 per share would dilute existing holders.
• Minor pointReasonable best-efforts offering has no minimum amount required to close.
• Minor point. Forward-looking: it has not happened yet and may not happen.Placement agent fees and other offering expenses will reduce proceeds available to Megan.

News Explained

Megan has priced an offering of up to 15,000,000 Class A shares, expected to close October 29, 2026; if issued, those shares would increase the share count and reduce existing holders’ percentage ownership, absent offsetting changes.

Argus 15 min delay 34 alerts

+13.73% vs previous close $3.48 last price 44.2x rel. volume Open Argus

Details

Market move: MGN +13.73% vs previous close. Follow-on public offering

+50.9% Peak in 28 min

$1.90 – $4.00 Day Range

$4.29M Mkt Cap at Last Price

On Oct 28, the day this news came out, the latest delayed price for MGN is 13.73% above the previous close. Argus tracked a peak move of +50.9% during the session. Our momentum scanner has recorded 34 alerts for this stock so far that day. The latest delayed price is $3.48. Relative volume is exceptionally heavy at 44.2x the average.

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

Key Figures

Shares offered: Up to 15,000,000 shares Offering price: US$0.50 per share Gross proceeds: Up to US$7.5 million +1 more

Shares offered

Up to 15,000,000 shares

Class A ordinary shares

Offering price

US$0.50 per share

Public offering price

Gross proceeds

Up to US$7.5 million

Assuming all offered shares are sold; before fees and offering expenses

Expected closing

On or about October 29, 2026

Subject to customary closing conditions

Key Terms

follow-on public offering, best-efforts basis, form f-1

3 terms

follow-on public offering financial

"pricing of a follow-on public offering (the “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.

best-efforts basis financial

"conducted on a reasonable best-efforts basis"

An agreement made on a best-efforts basis means a party promises to try to achieve a result but does not guarantee it. In finance, it often appears in underwriting, placement, or sales arrangements where the seller or intermediary will work to sell securities or complete a transaction using reasonable effort but won’t be liable if full execution fails. Investors care because it affects how certain a deal’s completion and the flow of shares or capital are.

form f-1 regulatory

"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. 28, 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 pricing of a follow-on public offering (the “Offering”) of up to 15,000,000 Class A ordinary shares, par value US$0.003 per share (the “Class A Ordinary Shares”), at a public offering price of US$0.5 per share.

The Offering is being conducted on a reasonable best-efforts basis. Prime Number Capital, LLC is acting as the exclusive placement agent for the Offering. The Offering is expected to close on or about October 29, 2026, subject to the satisfaction of customary closing conditions. There is no minimum offering amount required as a condition to closing.

The Company expects to receive aggregate gross proceeds of up to approximately US$7.5 million, assuming the sale of all of the Class A Ordinary Shares offered, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for the development of new products (including its Smart Farming System), business ventures and acquisitions and for general working capital.

The Class A Ordinary Shares described above are being offered pursuant to a registration statement on Form F-1 (File No. 333-299548), as amended, declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 27, 2026. The Offering is being made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus may also be obtained, when available, 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.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Megan Holdings Limited

Megan Holdings Limited (the “Company” or “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, statements regarding 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 expectation that the Offering will be successfully completed. 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.

What are the price and size of Megan Holdings' MGN follow-on offering?

Megan priced up to 15,000,000 Class A ordinary shares at US$0.5 per share. The company expects gross proceeds of up to approximately US$7.5 million if all offered shares are sold, before placement agent fees and other offering expenses.

When is Megan Holdings' follow-on offering expected to close?

The offering is expected to close on or about October 29, 2026, subject to customary closing conditions. It is being conducted on a reasonable best-efforts basis, with no minimum offering amount required as a condition to closing.