Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 110

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 14
Chunk 110
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ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

See
“ Item 10. Additional Information” for a description of the rights of shareholders, which remain unchanged.

Use
of Proceeds

On
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L. P. as
underwriters named thereof, in connection with its initial public offering (“ IPO”) of 5,000,000 Ordinary Shares at a price
of $4.00 per share. The Company’s Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U. S. Securities and Exchange Commission (the “ Commission”) on April 29, 2022 (as amended, the “ Registration Statement”)
was declared effective by the Commission on August 4, 2022. The total expenses incurred for our company’s account in connection
with our IPO was approximately HK$17.4 million (US$2.2 million), which included US$1.4 million in underwriting discounts and commissions
for the IPO and approximately US$0.8 million in other costs and expenses for our IPO. We received net proceeds of approximately HK$138.7
million (US$17.8) million from our IPO. 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. None of the net proceeds from the
IPO 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.

The
unutilized net proceeds received from our IPO were mainly kept as bank deposits. As of December 31, 2024, we had utilized approximately
US$5.9 million and approximately US$5.2 million for strengthening of our corporate finance advisory business and other general corporate
purposes, respectively.

As
disclosed in the Annual Report for the year ended December 31, 2023, we plan to use the net proceeds of the offering as follows:

  Approximately                                                                                                                       
  Approximately                                                                                                                       

We
intend to use the remainder of the proceeds from our IPO as disclosed above.

ITEM
15. CONTROLS AND PROCEDURES