KUALA LUMPUR (dpa-AFX) - TMD Energy Ltd. announced Monday the pricing of its initial public offering of 3.1 million ordinary shares at a price to public of US$3.25 per Share for the total gross proceeds of approximately US$10.08 million, before deducting underwriting discounts and other related expenses, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares.
The Shares will begin trading on April 21, 2025, U.S. Eastern time, on the NYSE American under the symbol 'TMDE'. The Offering is expected to close on April 22, 2025, subject to customary closing conditions.
The Company has granted the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional Shares to cover over-allotments at the initial public offering price.
If the underwriter exercises their option to purchase the additional Shares in full, the total gross proceeds before deducting underwriting discounts and other related expenses from the offering are expected to be approximately US$11.59 million.
The Company intends to use the net proceeds from the offering for the purchase of cargo oil, defraying listing expenses as well as working capital and other general corporate purposes.
For the offering, Maxim Group LLC is acting as sole book-running manager, Loeb & Loeb LLP is acting as U.S. legal counsel to the Company, and Pryor Cashman LLP is acting as U.S. legal counsel to Maxim.
A registration statement on Form F-1, as amended, related to the Offering was initially filed with the U.S. Securities and Exchange Commission on December 10, 2024 and was declared effective by the SEC on March 31, 2025.
TMD Energy, together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services.
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