Company: EGG
Filing Date: 2025-03-28
Form Type: F-1
Source: 0001641172-25-001072
Chunk: 14

Company: ENIGMATIG LTD
Filing Date: 2025-03-28
Form: F-1
Chunk 14
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 part on a number of factors beyond our control, including the ability of our competitors to recruit, train, develop and retain highly skilled professionals, the price at which our competitors offer comparable services and our competitors’ responsiveness to client needs. Therefore, we cannot assure you that we will be able to retain our clients while competing against such competitors. Increased competition, our inability to compete successfully against competitors, pricing pressures or loss of market share could harm our business, financial condition and results of operations.

We may not be able to obtain or maintain all necessary licenses, permits and approvals and to make all necessary registrations and filings for our activities in multiple jurisdictions and related to residents therein.

We operate in a heavily-regulated industry which requires various licenses, permits and approvals in different jurisdictions to conduct our businesses. Our customers include people who live in jurisdictions where we do not have licenses issued by the local regulatory bodies. It is possible that authorities in those jurisdictions may take the position that we are required to obtain licenses or otherwise comply with laws and regulations which we believe are not required or applicable to our business activities. If we fail to comply with the regulatory requirements, we may encounter the risk of being disqualified for our existing businesses or being rejected for renewal of our qualifications upon expiry by the regulatory authorities as well as other penalties, fines or sanctions. In addition, in respect of any new business that we may contemplate, we may not be able to obtain the relevant approvals for developing such new business if we fail to comply with the relevant regulations and regulatory requirements. As a result, we may fail to develop new business as planned, or we may fall behind our competitors in such businesses.

We have experienced issues with non-compliance with licensing requirements in the past. Certain services which were in the past provided by our Singapore subsidiary, Enigmatig Singapore, in facilitating the disposal of securities such as shares in companies, could be considered dealing in capital markets products or advising on corporate finance, which are regulated activities under the Securities and Futures Act 2001 of Singapore, or SFA. Carrying on business in regulated activities without the relevant capital markets services license(s) may result in the contracts involved being held void for illegality, and/ or the company and/ or its officers being found guilty of an offence carrying a fine or imprisonment or both. The Monetary Authority of Singapore, or MAS may issue a prohibition order which may amongst others prohibit a person from performing a regulated activity. A license may be required even if the client, the company in which the shares are being sold and the purchaser of the