VCI Global Announces Termination of Its At-the-Market Offering Program
Rhea-AI Summary
VCI Global (NASDAQ: VCIG) has announced the termination of its At-The-Market (ATM) equity offering program with H.C. Wainwright & Co., as sales agent. The program, which aimed to offer shares totaling approximately US$4.96 million, was formally terminated on September 25, 2024. As of the termination date, the ATM program had generated total gross proceeds of approximately US$1.77 million.
The company views this termination as an opportunity to explore more favorable financing options that better align with its long-term growth objectives. VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia, operating through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity.
Positive
- ATM program generated US$1.77 million in gross proceeds
- Company aims to explore more favorable financing options
- Diversified business model across five core sectors
Negative
- Termination of ATM program before reaching full offering amount
- Only US$1.77 million raised out of US$4.96 million target
Insights
The termination of VCI Global's ATM program is a significant development for the company's financial strategy. They raised only
The company's decision to explore "more favorable financing options" is intriguing. This could mean they're considering:
- Private placements
- Strategic partnerships
- Debt financing
For investors, this move signals that management believes they can secure better terms elsewhere, which could be positive. However, it also raises questions about the company's current valuation and growth prospects. With a market cap of just
KUALA LUMPUR, Malaysia, Sept. 27, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (“VCI Global,” “VCIG,” or the “Company”) today announced the termination of its At-The-Market equity offering program (“ATM program”) with H.C. Wainwright & Co., LLC as sales agent. The ATM program, which was initiated to offer shares totaling approximately US
As of the termination date, the ATM program has generated total gross proceeds of approximately US
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any province, state, or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state, or jurisdiction.
About VCI Global Limited
VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity. In Capital Market Consultancy, we provide IPO solutions, investor relations (IR) and public relations (PR) consultancy, and M&A consultancy. Our Fintech arm offers a proprietary financing platform. In Real Estate, we offer specialized real estate consultancy services. The AI business delivers GPU servers, GPU cloud computing services, AI and large language model (LLM) solutions, while the Robotics segment focuses on post-harvest robotics systems. Our Cybersecurity segment provides comprehensive cybersecurity consultancy services and solutions. Committed to fostering innovation and delivering exceptional value, VCI Global has established a strong presence across the Asia-Pacific region, the United States, Europe, and the Middle East, driving growth and transformation on a global scale.
For more information on the Company, please log on to https://v-capital.co/.
Cautionary Note Regarding 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 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. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, 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 United States Securities and Exchange Commission (“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:
For media queries, please contact:
VCI Global Limited
enquiries@v-capital.co
FAQ
Why did VCI Global (VCIG) terminate its At-The-Market offering program?
How much did VCI Global (VCIG) raise through its ATM program before termination?
What was the original target amount for VCI Global's (VCIG) ATM program?
What are the main business segments of VCI Global (VCIG)?
