Company: DTCK
Filing Date: 2025-03-24
Form Type: F-3
Source: 0001683168-25-001820
Chunk: 7

Company: DAVIS COMMODITIES Ltd
Filing Date: 2025-03-24
Form: F-3
Chunk 7
---
8 million for the same period of the last fiscal year. For the fiscal years ended December 31, 2021,
2022 and 2023, we had total revenue of approximately US$194.2 million, US$206.7 million and US$190.7 million, respectively, representing
an increase by 6.4% from fiscal year 2021 to 2022, and a decrease by 7.7% from fiscal year 2022 to 2023.

Corporate Structure

On September 20, 2023, we announced the pricing
of our initial public offering of 1,250,625 Ordinary Shares at $4.00 per share and commencement of trading of our Ordinary Shares on the
Nasdaq Capital Market under the symbol, “DTCK”. On September 21, 2023, we announced the closing our initial public offering
with gross proceeds of $5,000,000.

| 3 |

The following diagram illustrates our corporate structure as of the
date of this prospectus:

| 4 |

Implications of Our Being an “Emerging Growth Company”

As a company with less than $1.235 billion in revenue during our last
fiscal year, we qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or
the JOBS Act. An “emerging growth company” may take advantage of reduced reporting requirements that are otherwise generally
applicable to public companies. In particular, as an emerging growth company, we:

| · | may present only two years of audited financial statements and only two years of related Management’s Discussion and Analysis             
 of Financial Condition and Results of Operations, or MD&A;                                                                                |
| · | are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing 
 how those elements fit with our principles and objectives, which is commonly referred to as “compensation discussion and analysis”;       |
| · | are not required to obtain an attestation and report from our auditors on our management’s assessment of our internal control             
 over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;                                                                      |
| · | are not required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements   
 (commonly referred to as the “say-on-pay,” “say-on frequency” and “say-on-golden-parachute” votes);                                       |
| ·