Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 249

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 14
Chunk 249
---

ITEM 14.   MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
---------------------------------------------------------------------------------------
 
See “Item 10—Additional Information—B. Memorandum and Articles of Association—Common Shares” for a description of the rights of securities holders, which remain unchanged.
 
Use of Proceeds
 
The following “Use of Proceeds” information relates to the registration statement on Form F-1, as amended (File number: 333-248684) in relation to the IPO of 5,060,000 ordinary shares of the Company. Our IPO closed on July 15, 2022. Network1 Financial Securities, Inc. was the representative of the underwriters for our IPO. We offered and sold 5,060,000 ordinary shares and received net proceeds of approximately $16.86 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. The registration statement was declared effective by the SEC on July 12, 2022. The total expenses incurred for our company’s account in connection with our IPO was approximately $3.38 million, which included approximately $1.52 million in underwriting discounts and commissions for the IPO and approximately $1.86 million in other costs and expenses for 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 we received 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.
 
As of the date of this annual report, we have used almost all of net proceeds received from our IPO, including approximately $4.5 million to acquire an electroplating production line, approximately $7.8 million for in working capital, approximately $4.4 million for smart lock device and products research and development. There is no material change in the use of proceeds as described in our registration statement on Form F-1. We still intend to use the remainder of the proceeds from our IPO as disclosed in our registration statement on Form F-1.