Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 104

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 13
Chunk 104
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ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not Applicable.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS

See “ Item 10 - Additional Information - B.
Memorandum and Articles of Association - Common Shares” for a description of the rights of securities holders, which remain
unchanged.

Use of Proceeds

The following “ Use of Proceeds” information
relates to the registration statement on Form F-1, as amended (File number: 333-234654) in relation to the initial public
offering of 5,065,000 ordinary shares of the Company. Our initial public offering closed in December 2020. ViewTrade Securities Inc. was
the representative of the underwriters for our initial public offering. Counting in the ordinary shares sold upon the partial exercise
of the over-allotment option by our underwriters, we offered and sold 5,124,400 ordinary shares and received net proceeds of approximately
US$17.3 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. The registration
statement was declared effective by the SEC on December 1, 2020. The total expenses incurred for our Company’s account in connection
with our initial public offering was approximately US$3.2 million, which included approximately US$1.4 million in underwriting
discounts and commissions for the initial public offering and approximately US$1.8 million in other costs and expenses for our initial
public offering. None of the transaction expenses included payments to directors or officers of our Company or their associates, persons
owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds we received from the initial public
offering were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our
equity securities or our affiliates.

For the period from the date that the F-1 Registration Statement was
declared effective by the SEC to December 31, 2024, we used approximately US$4.4 million of the proceeds received from the initial
public offering for the payment for upgrading information technology infrastructure, software, app development and system for our online
platform. There is no material change in the use of proceeds as described in the registration statement. We still intend to use the proceeds
from our initial public