New York, NY, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Spartan Capital Securities, LLC (“Spartan Capital”), a premier investment banking firm, announced the closing of the second tranche of a registered direct offering for Multi Ways Holdings Limited (NYSE American: MWG), a leading supplier of heavy construction equipment in Singapore and the surrounding region. The second tranche consisted of 9,000,000 ordinary shares priced at $0.165 per ordinary share and accompanying warrant, and warrants to purchase up to 9,0 ...

Core Viewpoint - Multi Ways Holdings Limited has successfully closed the second tranche of a registered direct offering, raising a total of $1,485,000 through the sale of 9,000,000 ordinary shares and warrants [1][2]. Group 1: Offering Details - The offering was priced at $0.165 per ordinary share and accompanying warrant, with each warrant exercisable at $0.198 per share for five years [2]. - The net proceeds from this offering will be utilized for working capital and general corporate purposes [2]. Group 2: Company Background - Multi Ways Holdings Limited is a prominent supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [6]. - The company serves a diverse customer base, including clients from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, positioning itself as a reliable one-stop shop for heavy construction equipment [6]. Group 3: Legal and Advisory - Spartan Capital Securities, LLC acted as the exclusive placement agent for this offering, while Ortoli Rosenstadt LLP and Sichenzia Ross Ference LLP provided legal counsel to the company and the placement agent, respectively [3]. - The offering was conducted under an effective registration statement filed with the Securities and Exchange Commission [4].

Core Viewpoint - Multi Ways Holdings Limited has successfully closed a registered direct offering of 9,000,000 ordinary shares and warrants, raising gross proceeds of $1,485,000, which will be used for working capital and general corporate purposes [1][2]. Group 1: Offering Details - The offering was priced at $0.165 per ordinary share and accompanying warrant, with each warrant exercisable at $0.198 per share for five years following issuance [2]. - Spartan Capital Securities, LLC acted as the exclusive placement agent for this offering, while Ortoli Rosenstadt LLP and Sichenzia Ross Ference Carmel LLP served as legal counsel for the Company and the placement agent, respectively [3]. Group 2: Regulatory Information - The registered direct offering was conducted under an effective registration statement on Form F-1, initially filed with the Securities and Exchange Commission on March 28, 2025, and declared effective on September 10, 2025 [4]. Group 3: Company Overview - Multi Ways Holdings Limited is a prominent supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [6]. - The Company is recognized as a reliable supplier of both new and used heavy construction equipment, serving customers from various countries including Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines [6].

Group 1 - U.S. stock futures are trading slightly higher, indicating a positive market sentiment [1] - Hain Celestial Group Inc. is expected to report quarterly earnings of 3 cents per share on revenue of $371.46 million, with shares gaining 1.9% to $2.19 in after-hours trading [2] - MBody AI and Check Cap Ltd. have entered into a definitive merger agreement, resulting in Check-Cap shares jumping 206.3% to $2.27 in after-hours trading [2] - High Tide Inc. is anticipated to post a quarterly loss of 1 cent per share on revenue of $107.31 million, with shares gaining 2% to $3.50 in after-hours trading [2] - Multi Ways Holdings Ltd. reported a registered direct offering of $1.49 million for 9 million shares and warrants, leading to a 17.8% dip in shares to $0.28 in after-hours trading [2] - Dave & Buster's Entertainment Inc. is expected to report quarterly earnings of 92 cents per share on revenue of $562.78 million, with shares gaining 0.3% to $23.70 in after-hours trading [2]

Core Viewpoint - Multi Ways Holdings Limited announced a registered direct offering of 9,000,000 ordinary shares and warrants, aiming to raise approximately $1,485,000 for working capital and general corporate purposes [1][2]. Group 1: Offering Details - The offering is priced at $0.165 per ordinary share and accompanying warrant, with each warrant exercisable at $0.198 per share for five years [2]. - The offering is expected to close on or about September 15, 2025, subject to customary closing conditions [3]. Group 2: Company Background - Multi Ways Holdings is a leading supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience [5]. - The company serves a diverse customer base, including clients from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, positioning itself as a one-stop shop for heavy construction equipment [5].

Core Viewpoint - Multi Ways Holdings Limited has filed its annual report for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission, highlighting its financial results and operational performance [1][2]. Company Overview - Multi Ways Holdings Limited is a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [3]. - The company serves customers from various regions including Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, positioning itself as a reliable supplier of both new and used heavy construction equipment [3]. - Multi Ways Holdings offers a comprehensive inventory of heavy construction equipment along with refurbishment and cleaning services, establishing itself as a one-stop shop for customers [3]. Investor Relations - Shareholders can access the 2024 Annual Report and request hard copies of the complete audited financial statements free of charge [2][5]. - The investor relations contact for Multi Ways Holdings is Matthew Abenante, President of Strategic Investor Relations, LLC, who can be reached via phone or email for inquiries [5].

Core Insights - Multi Ways Holdings Limited has entered into an exclusive dealership agreement with Shandong Shantui Construction Machinery Import & Export Co., Ltd to distribute Shantui's earthmover equipment in Singapore from June 1, 2025, to May 31, 2026 [1][3] - The company has ordered two Shantui bulldozers, including Singapore's first remote-controlled bulldozer, which is expected to arrive in June 2025 [2][4] Company Overview - Multi Ways Holdings is a leading supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience [8] - The company aims to enhance its product portfolio by partnering with Shantui, a top global construction machinery manufacturer, to offer premium equipment options [3][5] Technological Advancements - The introduction of the remote-controlled bulldozer represents a significant technological advancement, allowing for safer operations in hazardous environments [4][6] - Shantui is recognized for its innovation in bulldozer manufacturing, having previously commercialized the world's first 5G remote-controlled high-power bulldozer in 2019 [5] Strategic Goals - The exclusive dealership agreement is seen as a milestone for Multi Ways, aligning with its strategy to provide advanced and efficient equipment to customers [3][7] - The company plans to continue exploring strategic partnerships and product innovations to enhance its equipment portfolio and create long-term value for shareholders [7]

Core Viewpoint - Multi Ways Holdings Limited has regained compliance with NYSE listing requirements after timely filing its Annual Report for the fiscal year ended December 31, 2024 [1][3]. Company Summary - Multi Ways Holdings Limited is a leading supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region, with over two decades of experience in the industry [4]. - The company serves a diverse customer base, including clients from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, and offers a wide variety of new and used heavy construction equipment [4]. - Multi Ways is positioned as a one-stop shop for customers, providing not only equipment but also refurbishment and cleaning services [4]. Compliance and Regulatory Summary - On May 16, 2025, the company was notified by NYSE Regulation of non-compliance due to the late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 [2]. - The company filed its 2024 Form 20-F on May 23, 2025, and subsequently received confirmation of regained compliance from NYSE Regulation on May 27, 2025 [3].

Core Viewpoint - Multi Ways Holdings Limited reported a decrease in total revenue and net loss for fiscal year 2024, while focusing on strategic advancements and operational efficiency to navigate market challenges [2][3][8]. Financial Performance - Total revenue decreased by approximately $4.9 million or approximately 13.7% to approximately $31.1 million for the year ended December 31, 2024, down from approximately $36.0 million for the year ended December 31, 2023 [3]. - Cost of revenues decreased by approximately $6.0 million or approximately 22.0% to approximately $21.4 million for the financial year ended December 31, 2024, from approximately $27.4 million for the financial year ended December 31, 2023 [4]. - Total gross profit amounted to $9.7 million for fiscal year 2024, with an overall gross profit margin improvement to approximately 31.3% from approximately 24.0% in fiscal year 2023 [5]. - Net loss amounted to $2.9 million for the fiscal year ended December 31, 2024, compared to net income of approximately $1.8 million for the fiscal year ended December 31, 2023 [8]. Expenses Overview - Selling and distribution expenses were approximately $1.7 million for fiscal year 2024, representing approximately 5.5% of total revenue, compared to approximately $1.0 million or approximately 2.6% of total revenue for fiscal year 2023 [6]. - Administrative expenses decreased to approximately $8.7 million for fiscal year 2024 from approximately $10.8 million for fiscal year 2023, representing approximately 28.1% and approximately 29.9% of total revenue, respectively [7]. Cash Flow and Balance Sheet - Cash and cash equivalents were approximately $3.3 million as of December 31, 2024, down from approximately $7.1 million as of December 31, 2023 [9]. - Total assets were approximately $69.6 million and total liabilities were approximately $49.5 million at December 31, 2024, compared to total assets of approximately $58.0 million and total liabilities of approximately $36.2 million at December 31, 2023 [12]. - Shareholders' equity was approximately $20.1 million at December 31, 2024, down from approximately $21.8 million at December 31, 2023 [13].

Financial Performance - As of December 31, 2024, the company had inventories of $45.1 million, up from $36.7 million in 2023, indicating a 23% increase in inventory levels[43]. - Equipment sales business constituted approximately 69.2% of the company's total revenue for the financial year ended December 31, 2024, generating $21.5 million[208]. - In the financial year ended December 31, 2023, equipment sales revenue was $24.7 million, representing 68.6% of total revenue[208]. - The rental business constitutes approximately 23.1%, 13.8%, and 9.9% of the Company's total revenue for the financial years ended December 31, 2024, 2023, and 2022 respectively[222]. - The top five customer groups contributed approximately 32.7%, 35.8%, and 39.4% of the company's revenue for the financial years ended December 31, 2024, 2023, and 2022, respectively[62]. - The largest customer accounted for approximately $4.8 million, or 15.6% of total revenue, for the financial year ended December 31, 2024[62]. Market and Economic Conditions - The company's rental business is heavily dependent on the economic conditions in Singapore, with potential adverse effects on revenue and profitability if demand for construction falls[40]. - The company is susceptible to cyclical fluctuations in the infrastructure and construction industries, which could lead to reduced demand for its services and products[35]. - The company’s performance is influenced by regional and global political, regulatory, and economic conditions, which are beyond its control[37]. - The war in Ukraine has affected global economic markets, which could indirectly impact the company’s business despite no direct exposure[83]. Risks and Challenges - The company faces risks from fluctuations in the prices and availability of heavy construction equipment and parts, which could negatively impact sales and rental operations[44]. - The company is exposed to credit risks from customers, which could impact revenue if customers are unable to secure financing for projects[39]. - The company faces risks from equipment downtime, which can lead to substantial opportunity costs in terms of foregone revenue[51]. - The company is exposed to credit risks, as customers may delay or default on payments, impacting financial performance[65]. - Changes in government policies regarding foreign labor could increase labor costs and disrupt operations[50]. - The company faces risks from negative publicity that could affect customer satisfaction and its reputation, impacting business operations[80]. - The company may be subject to litigation and regulatory investigations, which could have a material adverse effect on its reputation and financial condition[89]. Management and Personnel - The company relies on key management personnel, particularly Mr. James Lim, whose departure could materially affect business operations and strategy implementation[46]. - The company relies heavily on skilled labor, particularly crane operators and maintenance technicians, which may lead to increased costs if skilled labor becomes scarce[48]. - The company has 14 employees approved by the Ministry of Manpower (MOM) to operate cranes in Singapore, which is critical for its operations[72]. - The company appointed Mr. Tan Cheon Kem as the Financial Controller effective June 3, 2024, following the resignation of Mr. Tan Noon Huan[151]. Corporate Governance and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[117]. - The company may face increased costs after ceasing to qualify as an emerging growth company, including legal and accounting expenses[117]. - The company is classified as a controlled company under the NYSE American Company Guide, allowing it to rely on exemptions from certain corporate governance requirements[109]. - The company plans to follow home country practices in corporate governance, which may afford less protection to shareholders compared to U.S. regulations[110]. - The company expects to incur significant expenses related to compliance with Section 404 of the Sarbanes-Oxley Act after no longer being classified as an "emerging growth company"[123]. Shareholder and Market Information - The controlling shareholder, Mr. James Lim, indirectly controls approximately 61.8% of the company's issued and outstanding Ordinary Shares, which may lead to conflicts of interest[106]. - The company received a notice from NYSE Regulation regarding its low trading price, which has fallen below $1.00 over a 30-trading day period, potentially leading to delisting if it falls below $0.10[153]. - The trading price of the company’s Ordinary Shares may be volatile, influenced by market factors and operational performance, leading to potential losses for investors[93]. - The trading market for the company's Ordinary Shares may decline if analysts publish unfavorable research or downgrade their recommendations[102]. - The company may have difficulties in protecting shareholder interests due to its incorporation under Cayman Islands law, which offers less protection than U.S. law[111]. Operational Capabilities - The company has established itself as a reliable supplier of heavy construction equipment in Singapore and the surrounding region, with over two decades of experience[142]. - The company offers a wide range of heavy construction equipment for sale and rental, including earth-moving, material-handling, and road-building equipment[144]. - The company has approximately 56 employees in its maintenance and servicing team, contributing to its operational capabilities[130]. - The company maintains a network of over 100 customers for its equipment sales business, sourcing both new and used heavy construction equipment[204]. - The company has a maintenance and service team of 56 employees in Singapore, responsible for refurbishing and servicing used heavy construction equipment[205]. - The Company provides crane operation services, including transportation and erection of cranes at job sites, with 14 qualified operators available[221]. Future Plans and Investments - The company may require additional financing in the future to fund the purchase of heavy construction equipment and support growth initiatives[16]. - The company plans to expand capabilities through acquisitions, investments, and strategic partnerships, potentially requiring additional funds[78]. - The company completed its initial public offering on April 5, 2023, issuing 6,040,000 Ordinary Shares at a price of $2.50 per share, resulting in gross proceeds of $15.1 million[147]. - The company granted an option to purchase a property for S$14.3 million, which was exercised and completed on November 30, 2023[147]. - The company acquired a 4.4% ownership in Blissful Link Investments Limited for $2.2 million on May 2, 2023[148]. - The company adopted a new equity incentive plan effective November 1, 2023, to enhance employee engagement and retention[148]. - The company issued 1,700,000 ordinary shares under the 2023 Equity Incentive Plan as compensation for key executives, including the CEO and Chief Administration Officer[152]. - The company issued 790,000 shares under the 2023 Equity Incentive Plan to various executives and employees as compensation for their continued service[154]. - The company adopted the 2024 Equity Incentive Plan, authorizing the issuance of up to 3,000,000 ordinary shares for share-based compensation awards[155]. Customer Relations and Services - The rental business primarily serves customers in the infrastructure and building construction industry in Singapore[219]. - Customer inquiries for equipment rentals are actively managed, allowing the Company to gather feedback on market demand[225]. - Warranty for new equipment is covered by original equipment manufacturers, while used equipment is delivered to customer satisfaction without warranty[216]. - The Company supports customers in complying with regulations set by MOM, BCA, HDB, and LTA in Singapore[218]. - The Company arranges shipments and provides container packing services for overseas customers[215].