Company: XCH
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056976
Chunk: 178

Company: XCHG Ltd
Filing Date: 2025-04-23
Form: 20-F
Item: Item 14
Chunk 178
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ITEM 14. MATERIAL 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. 333-276802) as amended (the “IPO Registration Statement”), which registered 133,333,400 Class A ordinary shares represented by 3,333,335 ADSs issued and sold by us, and the underwriters’ exercise of their option to purchase from us 128,888 additional ADSs representing 5,155,520 Class A ordinary shares, at a public offering price of US$6.20 per ADS. The registration statement was declared effective by the SEC on September 9, 2024, for our initial public offering, which closed in September 2024. US Tiger Securities, Inc. was the underwriter.
We received net proceeds of US$15.0 million from our initial public offering in September 2024 and the underwriters’ exercise of over-allotment option. Our expenses incurred and paid to others in connection with the issuance and distribution of the ADSs in our offering totaled US$6.5 million, which included US$1.5 million for underwriting discounts and commissions and US$5.0 million for other expenses. 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.
For the period from the date that the registration statement on Form F-1 was declared effective by the SEC to December 31, 2024, we used approximately US$10.8 million of the net proceeds received from the initial public offering for research and development of products, global market expansion and professional expenses for the initial public offering.
There is no material change in the use of proceeds as described in our registration statement on Form F-1. We intend to use the remainder of the net proceeds from our initial public offering for the purposes as disclosed in our registration statements on Form F-1.