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 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 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].