Company: AGCC
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026121
Chunk: 38

Company: Agencia Comercial Spirits Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 38
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 ordinary shares will develop. If an active public market for our ordinary shares does not develop following the completion of this offering, the market price and liquidity of our ordinary shares may be materially and adversely affected. The initial public offering price for our ordinary shares will be determined by negotiation between us and the underwriters based upon several factors, and we can provide no assurance that the trading price of our ordinary shares after this offering will not decline below the initial public offering price. As a result, investors in our securities may experience a significant decrease in the value of their investment. The trading price of our ordinary shares is likely to be volatile, which could result in substantial losses to investors. Recently, there have been instances of extreme stock price run -upsfollowed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small -capitalizationcompany with relatively small public float, we may experience greater stock price volatility, extreme price run -ups, lower trading volume and less liquidity than large -capitalizationcompanies. Such volatility, including any stock -runup, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our ordinary shares. Moreover, the volatility and fluctuation of the trading price of our ordinary shares may happen because of broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in Taiwan that have listed their securities in the U.S. A number of Taiwan companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of these Taiwan companies’ securities after their offerings may affect the attitudes of investors toward Taiwan companies listed in the U.S. in general and consequently may impact the trading performance of our ordinary shares, regardless of our actual operating performance. In addition to market and industry factors, the price and trading volume for our ordinary shares may be highly volatile for factors specific to our own operations, including the following: •variations in our income, earnings and cash flow; •announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors; 25 •announcements of new services and expansions by us or our competitors; •changes in financial estimates by securities analysts; •detrimental adverse publicity about us, our services or