Linkers Industries Limited (NASDAQ:LNKS) said it has priced a public offering expected to raise about $16 million in gross proceeds before fees and expenses, according to a company press release.
The offering includes 23,088,023 units priced at $0.693 each. Every unit consists of one Class A ordinary share or a pre-funded warrant, one Series A warrant with an exercise price of $0.7277 per share, and one Series B warrant exercisable at $1.1781 per share. Both warrants become exercisable immediately and will expire one year after issuance.
The fundraising comes after the company’s shares declined roughly 33% over the past week. Despite the recent drop, the company reported a strong balance sheet position, with a current ratio of 4.72 and cash holdings exceeding its total debt.
Linkers said part of the proceeds will be used to help finance a potential acquisition of additional equity in LPW Electronics Co Ltd, where it currently holds a 20% stake. Remaining funds will be directed toward capital expenditures, expanding operating capacity, working capital, general corporate purposes, and potential future acquisitions or business combinations.
The transaction is expected to close on Tuesday, with Univest Securities, LLC acting as the sole placement agent.
Linkers Industries manufactures wire and cable harnesses and operates production facilities in Malaysia. Its customers include global brand manufacturers and original equipment manufacturers in the home appliances, industrial products, and automotive sectors, primarily across the Asia-Pacific region.
The securities are being offered through a registration statement on Form F-1 (File No. 333-294360) that was previously filed with and declared effective by the U.S. Securities and Exchange Commission.
In other recent developments, Linkers Industries said it will follow certain corporate governance practices from its home jurisdiction rather than complying with specific Nasdaq listing rules. The company stated it will not adhere to Nasdaq Rule 5620, which requires companies to hold an annual shareholder meeting within a year after each fiscal year-end. It also said it will not follow Nasdaq Rule 5635(a) and (d), which require shareholder approval for certain securities issuances.
Additionally, Linkers indicated it will not comply with Nasdaq Rule 5250(b)(3), which relates to disclosure of compensation provided by third parties to company directors or nominees.
Separately, the company recently regained compliance with Nasdaq’s minimum bid price requirement. Nasdaq’s Listing Qualifications Department confirmed that Linkers maintained a closing bid price of at least $1.00 per share for 30 consecutive trading days, resolving the exchange’s prior listing concern.
These developments reflect the company’s ongoing strategic decisions and regulatory standing within the Nasdaq listing framework.