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Vantage Corp ("the Company") has filed its inaugural Form 20-F for the fiscal year ended 31 Mar 2025. The Cayman-incorporated ship-broking group reports 28 million Ordinary Shares outstanding, split between 7.63 m Class A and 20.37 m Class B shares. Five founders collectively hold 64.15 % of equity and 94.7 % of the voting power, qualifying the Company as both a 鈥渃ontrolled company鈥� under NYSE American rules and an 鈥渆merging growth company鈥� & 鈥渇oreign private issuer鈥� under U.S. securities law. Financial statements are prepared under U.S. GAAP; no revenue or profit figures are included in the excerpt provided.
The filing highlights numerous risk factors:
- Profitability risk: management warns of future operating losses as public-company costs rise post-June 2025 IPO.
- Execution risk: ambitions to expand via JVs, M&A and new geographies (Houston, Geneva) may strain capital and management bandwidth.
- Competitive & market risk: a fragmented ship-broking market with low barriers to entry, potential technology disintermediation and macro headwinds (oil-price volatility, faster fossil-fuel phase-out).
- Concentration risk: two vendors accounted for 9 % of FY25 commission expenses; limited customer base could create liquidity issues.
- Operational risk: dependence on key personnel, unregistered IP for the in-house 鈥淥pswiz鈥� platform, cyber-security exposure and insurance limits.
- Capital-market risk: thin public float could trigger extreme share-price volatility, 鈥減enny-stock鈥� status, PFIC uncertainty and limited dividend capacity.
No guidance, financial metrics, or material transactions are disclosed in the provided text.
Vantage Corp ("VNTG") filed a Form 6-K to report the full exercise of the 45-day over-allotment (OA) option connected to its recent IPO.
- The representative of the underwriters purchased an additional 487,500 Class A ordinary shares at the IPO price of $4.00, producing $1.95 million in gross proceeds for the company. Closing occurred on 18 June 2025.
- This raises the total IPO share count to 3,737,500 and total gross proceeds to roughly $14.95 million (before underwriting discounts and expenses).
- On the same day, Vantage issued warrants to the representative and its affiliates covering 24,375 shares, exercisable for five years at $5.00 per share (a 25% premium to the IPO price).
- Copies of the underwriting agreement, warrant agreement and related press release are attached as Exhibits 10.1, 4.1 and 99.1, respectively.
The filing contains no additional financial statements or forward-looking guidance and expressly disclaims any offer or solicitation beyond registered jurisdictions.