PTL Limited (PTLE) prices $3.9M registered direct share sale
Rhea-AI Filing Summary
PTL Limited is raising
Positive
- None.
Negative
- None.
Insights
PTL Limited secures fresh equity capital but with share dilution.
PTL Limited has agreed to sell 155,000,000 Class A ordinary shares at
The company states that it intends to use the net proceeds for vessel acquisition, working capital, and general corporate purposes, directly linking this equity raise to fleet expansion and liquidity needs. Because these are newly issued shares, existing holders face dilution, while the company benefits from additional cash without taking on disclosed debt in this excerpt.
Given the information provided, this looks like a straightforward primary equity financing approved by the board, supported by a BVI legal opinion confirming that the Class A ordinary shares will be duly authorised, validly issued, fully paid and non-assessable under British Virgin Islands law.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2026
Commission File Number: 001-42293
PTL LIMITED
(Translation of registrant’s name into English)
21 Bukit Batok Crescent
#24-71, WCGEGA Tower
Singapore 658065
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On January 5, 2026, PTL Limited (the “Company”) entered into securities purchase agreements (the “Securities Purchase Agreements”) with certain investors named thereto, each an unrelated third party to the Company (collectively, the “Purchasers”). Pursuant to the Securities Purchase Agreements, the Purchasers agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Purchasers, an aggregate of 155,000,000 Class A ordinary shares, with no par value per share (the “Class A Ordinary Shares”) of the Company, at a purchase price of US$0.025 per share, and for an aggregate purchase price of US$3,875,000 in a registered direct offering (“Registered Direct Offering”).
The Class A Ordinary Shares were offered by the Company pursuant to a registration statement on Form F-3 (File No. 333-291441) (the “Registration Statement”), initially filed with the U.S. Securities and Exchange Commission (the “Commission”) on November 12, 2025 and became effective on December 2, 2025 in accordance with the provisions of Section 8(a) of the Securities Act, the base prospectus filed as part of the Registration Statement, and the prospectus supplement dated January 6, 2026 (the “Prospectus Supplement”). The Securities Purchase Agreements, the transactions contemplated thereby, and the issuance of the Class A Ordinary Shares have been approved by the Company’s board of directors.
The Company expects to receive approximately US$3,875,000 in gross proceeds from the issuance and sale of the Class A Ordinary Shares, before deducting estimated offering expenses. It expects the settlement thereof to occur in accordance with the terms of the Securities Purchase Agreements. The closing of the transactions contemplated by the Securities Purchase Agreements shall take place on the respective dates mutually agreed by the Company and the Purchasers. The Company intends to use the net proceeds from the Registered Direct Offering for vessel acquisition, working capital, and general corporate purposes.
The foregoing description of the Securities Purchase Agreements is qualified in its entirety by reference to the full text of the form of Securities Purchase Agreement, which is filed as Exhibit 10.1 to this Form 6-K and is incorporated herein by reference.
A copy of the opinion of Ogier, BVI counsel of the Company, regarding the validity of the issuance and sale of the Class A Ordinary Shares is filed as Exhibit 5.1 hereto.
This report is incorporated by reference into the Registration Statement, filed with the Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
This report shall not constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy 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 the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include the risks and uncertainties described in the Company’s annual report on Form 20-F for the year ended December 31, 2024, filed with the Commission on May 15, 2025, and the Company’s other filings with the Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
1
Exhibit Index
| Exhibit No. | Description | |
| 5.1 | Opinion of Ogier, BVI counsel of PTL Limited, regarding the validity of securities being registered | |
| 10.1 | Form of Securities Purchase Agreement, dated January 5, 2026, by and among the Company and the purchasers thereto |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| PTL Limited | ||
| By: | /s/ Ying Ying Chow | |
| Name: | Ying Ying Chow | |
| Title: | Chief Executive Officer | |
Date: January 12, 2026
3
Exhibit 5.1
| PTL Limited | D +852 3656 6054 | |
| E nathan.powell@ogier.com | ||
| D +852 3656 6023 | ||
| E janice.chu@ogier.com | ||
| Reference: NMP/JTC/512238.00002 |
12 January 2026
Dear Sirs
PTL Limited (the Company)
We have acted as British Virgin Islands legal counsel to the Company in connection with the offering and sale (the Offering) of up to 155,000,000 class A ordinary shares (the Shares) of no par value each (the Class A Ordinary Shares) pursuant to prospectus supplement dated 6 January 2026 (the Prospectus Supplement) to the Company’s registration statement on Form F-3 (File No. 333-291441), including all amendments or supplements thereto (the Registration Statement), initially filed with the United States Securities and Exchange Commission (the Commission) on 12 November 2025 under the United States Securities Act of 1933, as amended (the Securities Act) and became effective on 2 December 2025 in accordance with the provisions of Section 8(a) of the Securities Act, and the prospectus contained therein (together with the Prospectus Supplement, the Prospectus).
We are furnishing this opinion as Exhibit 5.1 to the Form 6-K (Form 6-K) to be filed by the Company with the Commission in connection with the Offering.
Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined below). The headings herein are for convenience only and do not affect the construction of this opinion.
| 1 | Documents examined |
For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the Documents):
| (a) | the constitutional documents and public records of the Company obtained from the Registry of Corporate Affairs in the British Virgin Islands (the Registrar) on 6 November 2025 (the Company Registry Records), including: |
| (i) | a copy of the certificate of incorporation of the Company dated 29 December 2023, |
|
Ogier Providing advice on British Virgin Islands,
Floor 11 Central Tower 28 Queen's Road Central Central Hong Kong
T +852 3656 6000 F +852 3656 6001 ogier.com |
Partners Nicholas Plowman Nathan Powell Anthony Oakes Oliver Payne Kate Hodson David Nelson Justin Davis Joanne Collett Dennis Li |
Cecilia Li Yuki Yan David Lin Alan Wong Rachel Huang** Janice Chu** Florence Chan*‡ Richard Bennett**‡ James Bergstrom‡ |
* admitted in New Zealand ** admitted in England and Wales ‡ not ordinarily resident in Hong Kong |
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| (ii) | a copy of the memorandum and articles of association of the Company filed with the Registrar of Corporate Affairs in the British Virgin Islands (the Registrar) on 29 December 2023; |
| (iii) | a copy of the amended and restated memorandum and articles of association of the Company filed with the Registrar on 11 July 2024; and |
| (iv) | a copy of the amended and restated memorandum and articles of association of the Company filed with the Registrar on 18 June 2025 (the Memorandum and Articles); |
| (b) | the public information revealed from a search of the electronic records of the Civil Division and the Commercial Division of the Registry of the High Court and of the Court of Appeal (Virgin Islands) Register, each from 1 January 2000, as maintained on the Judicial Enforcement Management System (the High Court Database) by the Registry of the High Court of the Virgin Islands on 6 November 2025 (the Court Records); |
| (c) | The Company Registry Records and the Court Records each as updated by update searches on 9 December 2025 and 12 January 2026 (the Company Registry Records and the Court Records together, and as updated, the Public Records); |
| (d) | a copy of the certificate of incumbency in respect of the Company dated 7 November 2025 (the Certificate of Incumbency) issued by the registered agent of the Company; |
| (e) | a copy of the register of directors of the Company provided to us on 6 November 2025 (the ROD); |
| (f) | copies of the listed shareholder lists of the Company provided to us on 8 January 2026 (the ROM, and together with the ROD, the Registers); |
| (g) | a copy of the written resolutions of all of the directors of the Company dated 7 November 2025, 3 December 2025 and 5 January 2026 approving among others, the Company's filing of the Registration Statement, the Offering and the issuance of the Shares (the Board Resolutions); |
| (h) | a copy of the issuance resolutions of the Company executed by the chief executive officer dated 7 January 2026; |
| (i) | copies of the securities purchase agreements dated 5 January 2026 and |
| (j) | the Registration Statement and the Prospectus. |
| 2 | Assumptions |
In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:
| (a) | all original documents examined by us are authentic and complete; |
| (b) | all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals are authentic and complete; |
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| (c) | all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine; |
| (d) | each of the Certificate of Incumbency and the Registers is accurate and complete as at the date of this opinion; |
| (e) | all copies of the Registration Statement and the Prospectus are true and correct copies and the Registration Statement and the Prospectus conform in every material respect to the latest drafts of the same produced to us and, where the Registration Statement and the Prospectus have been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated; |
| (f) | the Company has complied with, or will comply with when due, its obligations to file (unless the Company is within one of the statutory exceptions to the obligations to file) a financial return, its register of directors, its register of members and its beneficial ownership information pursuant to the BVI Business Companies Act (Revised) (the BCA); |
| (g) | the Board Resolutions remain in full force and effect and have not been, and will not be, rescinded or amended, and each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him in approving the Offering and the transactions set out in the Board Resolutions, and no director has a financial interest in or other relationship to a party of the transactions contemplated by the Offering and the Board Resolutions which has not been properly disclosed in the Board Resolutions; |
| (h) | all parties other than the Company have the capacity, power and authority to enter into and perform their obligations under all documents entered into by such parties in connection with the issuance of the Shares, and the due execution and delivery thereof by each party thereto have been duly authorised; |
| (i) | no invitation has been or will be made by or on behalf of the Company to the public in the British Virgin Islands to subscribe for any Shares and none of the Shares have been offered or issued to residents of the British Virgin Islands; |
| (j) | all necessary corporate action will be taken to authorize and approve the issuance of Shares and the terms of the offering of such Shares thereof and any other related matters and that the applicable definitive purchase agreement will be duly approved, executed and delivered by or on behalf of the Company and all other parties thereto; |
| (k) | the Company is, and after the issuance of the Shares will be able to pay its liabilities as they fall due and the value of assets of the Company will not be less than the sum of the total liabilities of the Company; |
| (l) | the information and each of the documents disclosed by the Public Records was and is accurate, up-to-date and remains unchanged as at the date hereof and there is no information or document which has been delivered for registration, or which is required by the laws of the British Virgin Islands to be delivered for registration, which was not included and available for inspection in the Public Records; |
| (m) | there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which would have any implication in relation to the opinions expressed herein; and |
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| (n) | the Company is not a land owning company for the purposes of Section 242 of the BCA meaning that neither it nor any of its subsidiaries has an interest in any land in the British Virgin Islands. |
| 3 | Opinions |
On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:
Corporate status
| (a) | The Company is a company duly incorporated with limited liability under the BCA on 29 December 2023 and is validly existing and in good standing under the laws of the British Virgin Islands. |
Maximum Number of Shares Authorised to Issue
| (b) | Based solely on the Memorandum and Articles, the Company is authorised to issue (i) unlimited Class A Ordinary Shares with no par value each; and (ii) unlimited Class B Ordinary Shares with no par value each. |
Corporate authorisation
| (c) | The Company has taken all requisite corporate action to authorise the issuance and sale of the Shares under the Registration Statement and the Prospectus. |
Class A Ordinary Shares
| (d) | With respect to the Class A Ordinary Shares, when |
| (i) | the board of directors of the Company (the Board) has taken all necessary corporate actions to approve the issuance and allotment of the Class A Ordinary Shares, the terms of the offering of the Class A Ordinary Shares and any other related matters; |
| (ii) | the provisions of the memorandum and articles of association of the Company then in effect, the Registration Statement and any relevant prospectus supplement, and the applicable definitive purchase, underwriting or similar agreement approved by the Board have been satisfied and payment of the consideration specified therein has been made; and |
| (iii) | valid entry has been made in the register of members of the Company reflecting such issuance of Class A Ordinary Shares as fully paid shares and the subscription price of such Class A Ordinary Shares has been fully paid in cash or other consideration approved by the Board, |
the Class A Ordinary Shares will be recognised as having been duly authorized and validly issued, fully paid and non-assessable.
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Taxation
| (e) | No taxes, stamp duties, other duties, fees or charges are payable (by assessment, withholding, deduction or otherwise) to the government of the British Virgin Islands in respect of the Offering. |
| (f) | There is no withholding tax, capital gains tax, capital transfer tax, estate duty, inheritance tax, succession tax or gift tax in the British Virgin Islands and any dividends, interest, rents, royalties, compensations and other amounts paid by the Company are exempt from any taxation in the British Virgin Islands imposed under the British Virgin Islands Income Tax Ordinance (Cap 206). In particular, section 242 of the BCA provides the Company with a statutory exemption from all forms of taxation in the British Virgin Islands. |
| 4 | Limitations and Qualifications |
| 4.1 | We offer no opinion: |
| (a) | as to any laws other than the laws of the British Virgin Islands, and we have not, for the purposes of this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the British Virgin Islands; or |
| (b) | except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration Statement and any other agreements into which the Company may have entered or any other documents. |
| 4.2 | Under the BCA an annual fee must be paid in respect of the Company to the Registry of Corporate Affairs. Failure to pay the annual fees by the relevant due date will render the Company liable to a penalty fee in addition to the amount of the outstanding fees. If the license fee and/or any penalty fee remains unpaid from the due date, the Company will be liable to be struck off and dissolved from the Register of Companies in the British Virgin Islands. |
Under the BCA, a copy of the Company's register of directors which is complete must be filed by the Company at the Registry of Corporate Affairs. Failure to make this filing will render the Company liable to a penalty fee and if the filing is not made within the requisite time period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck off and dissolved from the Register of Companies.
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Under the BCA, an annual financial return, in the prescribed form, must be filed by the Company with its registered agent in respect of each year for which one is due within the timeframe prescribed by the BCA for that year (unless the Company is within one of the statutory exceptions to the obligation to file). Failure to make this filing when due will render the Company liable to a penalty fee and where the Company is liable to the maximum penalty and has not filed its annual return, the Company will be liable to be struck off and dissolved from the Register of Companies.
Under the BCA, unless the Company is within one of the statutory exceptions to the obligation to file and is compliant with any conditions for the relevant exception(s) to apply, a copy of the Company's register of members which is complete and certain prescribed beneficial ownership information for the Company must be filed by the Company at the Registry of Corporate Affairs. Failure to make these filings will render the Company liable to penalty fees and if the filings are not made within the requisite time period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck off and dissolved from the Register of Companies.
For the purposes of this opinion "in good standing" means only that as of the date of this opinion it appears from our searches of the Public Records and on the basis of certain of the assumptions made in paragraph 2 being correct the Company is in good standing. We have made no enquiries into the Company's good standing with respect to any other filings or payment of fees, or both, that it may be required to make under the laws of the British Virgin Islands other than the BCA. We have made no enquiries into whether the copy of the register of directors, the copy of the register of members or the Company's beneficial ownership information filed at the Registry of Corporate Affairs matches the details set out on the Certificate of Incumbency or whether the annual return filed by the Company with its registered agent is in the prescribed form as required pursuant to the BCA.
| 4.3 | The Public Records and our searches thereof may not reveal the following: |
| (a) | in the case of the Company Registry Records, details of matters which have not been lodged for registration or have been lodged for registration but not actually registered at the time of our search or notifications made to the Registrar of Corporate Affairs by its registered agent of any failure by any Company to file its register of directors, register of members, beneficial ownership information and/or annual return as required and within the time frame prescribed by the BCA; |
| (b) | in the case of the Court Records, details of proceedings which have been filed but not actually entered in the High Court Database at the time of our search; |
| (c) | whether an application for the appointment of a liquidator or a receiver has been presented to the High Court of the British Virgin Islands or whether a liquidator or a receiver has been appointed out of court, or whether any out of court dissolution, reconstruction or reorganisation of the Company has been commenced; or |
| (d) | any originating process (including an application to appoint a liquidator) in respect of the Company in circumstances where the High Court of the British Virgin Islands has prior to the issuance of such process ordered that such process upon issuance be anonymised (whether on a temporary basis or otherwise), |
and the following points should also be noted:
| (e) | the Court Records reflect the information accessible remotely on the High Court Database, we have not conducted a separate search of the underlying Civil Cause Book (the Civil Cause Book) or the Commercial Cause Book (the Commercial Cause Book) at the Registry of the High Court of the British Virgin Islands. Although the High Court Database should reflect the content of the Civil Cause Book and the Commercial Cause Book, neither the High Court Database nor the Civil Cause Book or Commercial Cause Book is updated every day, and for that reason neither facility can be relied upon to reveal whether or not a particular entity is a party to litigation in the British Virgin Islands; |
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| (f) | the High Court Database is not updated if third parties or noticed parties are added to or removed from the proceedings after their commencement; and |
| (g) | while it is a requirement under Section 118 of the Insolvency Act that notice of the appointment of a receiver be registered with the Registry of Corporate Affairs, however, it should be noted that failure to file a notice of appointment of a receiver does not invalidate the receivership but gives rise to penalties on the part of the receiver. |
| 5 | Governing law of this opinion |
| 5.1 | This opinion is: |
| (a) | governed by, and shall be construed in accordance with, the laws of the British Virgin Islands; |
| (b) | limited to the matters expressly stated in it; and |
| (c) | confined to, and given on the basis of, the laws and practice in the British Virgin Islands at the date of this opinion. |
| 5.2 | Unless otherwise indicated, a reference to any specific British Virgin Islands legislation is a reference to that legislation as amended to, and as in force at, the date of this opinion. |
| 6 | Reliance |
We hereby consent to the filing of this opinion as an exhibit to the Form 6-K and to the reference to our firm under the headings “Enforceability of Liabilities” and “Legal Matters” of the Registration Statement and the Prospectus Supplement.
This opinion may be used only in connection with the Offering and while the Registration Statement is effective.
Yours faithfully
/s/ Ogier
Ogier
FAQ
What capital is PTL Limited (PTLE) raising in this share offering?
PTL Limited is raising US$3,875,000 in gross proceeds by issuing 155,000,000 Class A ordinary shares at US$0.025 per share in a registered direct offering.
How many new PTL Limited (PTLE) shares are being issued and at what price?
The company agreed to issue and sell an aggregate of 155,000,000 Class A ordinary shares, each with no par value, at a purchase price of US$0.025 per share.
What will PTL Limited use the proceeds from the registered direct offering for?
PTL Limited intends to use the net proceeds from the registered direct offering for vessel acquisition, working capital, and other general corporate purposes.
Under which registration statement is PTL Limited conducting this offering?
The Class A ordinary shares are being offered under PTL Limited’s Form F-3 registration statement (File No. 333-291441), which became effective in accordance with Section 8(a) of the Securities Act.
Who are the investors in PTL Limited’s new share issuance?
The securities purchase agreements are with certain investors described as unrelated third parties to PTL Limited, collectively referred to as the purchasers.
Was the PTL Limited share offering approved and supported by legal opinions?
Yes. The company’s board of directors approved the securities purchase agreements and related transactions, and a BVI legal opinion from Ogier was provided confirming the validity of the issuance and sale of the Class A ordinary shares.
