Business
Kandal M Venture Limited Announces Full Exercise of Underwriters’ Over-Allotment Option
New York, July 16, 2025 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced that the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option in full to purchase an additional 300,000 Class A ordinary shares at the public offering price of $4.00 per share, resulting in additional gross pr
About this update from Kandal M Venture Limited
[{"type":"image","alt":"Kandal M Venture Ltd","displaySize":"","headline":null,"caption":"Kandal M Venture Ltd","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":70,"url":"https://media.zenfs.com/en/globenewswire.com/b94e4168b2f5dacc3fbeec3b31ae3100"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/jDtUGVIxB8.TgT_z2KBPfA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTk4O2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/b94e4168b2f5dacc3fbeec3b31ae3100","width":300,"height":70}},"lazy":false},{"type":"text","content":"New York, July 16, 2025 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced that the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option in full to purchase an additional 300,000 Class A ordinary shares at the public offering price of $4.00 per share, resulting in additional gross proceeds of $1.2 million, before deducting underwriting discounts and other related expenses. After giving effect to the full exercise of the over-allotment option, the total number of Class A ordinary shares sold by the Company in the Offering has increased to 2,300,000 Class A ordinary shares and the gross proceeds has increased to $9.2 million, before deducting underwriting discounts and other related expenses. The option closing date was July 16, 2025. The Class A ordinary shares began trading on the Nasdaq Capital Market on June 25, 2025, under the symbol “FMFC.”","length":1072,"tagName":"p"},{"type":"text","content":"The Company intends to use the net proceeds for (i) broadening its customer base by expanding its geographical reach to other key markets, including the European markets, (ii) enhancing its production capacity, (iii) establishing a new design and development center for enhancing its product development capabilities, and (iv) additional working capital and other general corporate purposes.","length":391,"tagName":"p"},{"type":"text","content":"The Offering was conducted on a firm commitment basis. Dominari Securities LLC acted as the representative of the underwriters, and Revere Securities LLC acted as the co-underwriter (collectively, the “Underwriters”) for the Offering. Loeb & Loeb LLP...