Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 97

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 13
Chunk 97
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ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

We do not have any material defaults, dividend
arrearages or delinquencies.

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

14. A - D. Material Modifications to the Rights of Security Holders

There have been no material modifications to the
rights of our shareholders.

14. E. Use of Proceeds

Initial Public Offering

The following “ Use of Proceeds” information
relates to the registration statement on Form F-1, as amended (File Number: 333- 276946), or the IPO Form F-1, in relation to our initial
public offering of 1,265,000 Ordinary Shares at the public offering price of US$4.00 per Ordinary Share on Nasdaq, including the full
exercise of the underwriters’ over-allotment. Our initial public offering closed on October 3, 2024 and the exercise of the over-allotment
option closed on October 15, 2025. Dominari Securities LLC was the representative of the underwriters for our initial public offering.

The total expenses incurred for our company’s
account in connection with our initial public offering were $2,497,187, including underwriting discounts of $776,250, underwriters’
non-accountable expense of $103,500, underwriters’ accountable expenses of $250,000, underwriters’ advisory fee of $200,000
and other expenses of $1,167,437. None of the fees and expenses were directly or indirectly paid to the directors, officers of our company
or their associates, persons owning 10% or more of our Class A ordinary shares, or our affiliates.

After deducting the total expenses, we received
net proceeds of approximately $7.9 million from our initial public offering. As of the date of this annual report, we have utilized such
amount. We have used approximately $$2.65 million for courseware and online technology platform development, approximately $1.00 million
in marketing and Wellchange brand building, approximately $2.00 million for expansion of application development service and subscription
services and approximately $1.00 million for working capital and for other general corporate purposes.

None of the net proceeds from our initial public
offering were directly or indirectly paid to the directors, officers of our company or their associates, persons owning 10% or