Company: STAK
Filing Date: 2025-11-05
Form Type: 20-F
Source: 0001493152-25-020818
Chunk: 140

Company: STAK Inc.
Filing Date: 2025-11-05
Form: 20-F
Item: Item 14
Chunk 140
---

ITEM                                 MATERIAL                             
14.    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
--------------------------------------------------------------------------
14.A. - 14.D. Material Modifications to the Rights of Security Holders
 
See “Item 10. Additional Information” for a description of the rights of shareholders, which remain unchanged.
 

14.E.       Use    
        of Proceeds
-------------------
 
The following “Use of Proceeds” information relates to the registration statement on Form F-1 (File No. 333-283258), as amended, for our initial public offering, which registered 1,250,000 ordinary shares, and the underwriters’ exercise of their over-allotment option to purchase an additional 160,349 ordinary shares, at a public offering price of $4.00 per ordinary share. The registration statement was declared effective by the SEC on February 25, 2025, for our initial public offering, which closed in March 2025. Kingswood Capital Partners, LLC was the representative of the underwriters.
 
The total gross proceeds received from the IPO, including proceeds from the exercise of the over-allotment option, were US$5.6 million. The total expenses incurred for our company’s account in connection with our initial public offering was approximately US$1.4 million, which included US$0.4 million in underwriting discounts and commissions for the initial public offering for our initial public offering. 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 registration statement on Form F-1 was declared effective by the SEC to June 30, 2025, we used approximately US$2.8 million of the net proceeds from our initial public offering to obtain specialized vehicle permission, research and development expenses and general corporate purposes. There is no material change in the use of proceeds as described in the registration statement. We still intend to use the remainder of the proceeds from our initial public offering for purposes as disclosed in our registration statement on Form F-1.