VCI Global to sell 2.778M shares at $1.80 in registered direct offering

VCI Global (VCIG) announced that it has entered into a definitive agreement with a single fundamental institutional investor for the issuance and sale of an aggregate of 2,777,778 of its ordinary shares at an offering price of $1.80 per ordinary share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about October 31, subject to the satisfaction of customary closing conditions. Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the company from the offering are expected to be approximately $5M before deducting the placement agent’s fees and other offering expenses payable by the company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.