CBL International Limited
KUALA LUMPUR, Malaysia, March 22, 2023 (GLOBE NEWSWIRE) — CBL International Limited, together with its wholly owned subsidiaries (“CBL International” or the “Pursue’), is a well-established marine fuel logistics company currently focusing on the Asia Pacific region, providing one-stop solutions for ship fueling. CBL International today announced the price of its initial public offering of 3,325,000 common shares (“shares) at a public price of $4 per share for the aggregate offering of approximately $13.3 million, assuming the underwriters do not exercise their over-allotment option to purchase additional shares. The shares will trade on the Nasdaq Capital Market on March 23, 2023 US Eastern Time under the symbol “BANL”. The offering is expected to close on March 24, 2023, subject to customary closing conditions.
The Company has granted the underwriters a 45-day option to purchase up to a total of 498,750 additional shares to cover over-allotments at the initial issue price less subscription discounts. If the underwriters exercise their option to purchase all of the additional shares, total proceeds from the offering are expected to be approximately $15.3 million.
The Company intends to use the net proceeds from the Offering to (i) increase the number of local suppliers to improve its competitiveness and expand the service options available in the Singapore and South Korea markets; (ii) further increasing the Company’s business market shares in existing markets; (iii) cash collateral to conduct trade finance activities with financial institutions, thereby creating transaction records for further acquisition of bank financing to facilitate the Company’s business growth; (iv) Acquisition and development of a centralized management information system to improve the company’s day-to-day management control and treasury management; and (v) other working capital and general corporate purposes.
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Pacific Century Securities, LLC is acting as the lead book running manager of this offering. Loeb & Loeb LLP is acting as legal counsel to the Company and The Crone Law Group, PC is acting as legal counsel to Pacific Century Securities, LLC.
A registration statement on Form F-1 (File Number 333-267077) relating to the Offering has been filed with the US Securities and Exchange Commission (the “SEC’) and was declared effective by the SEC on March 22, 2023. The offering is being made only by means of a prospectus, which forms part of the applicable registration statement. Copies of the prospectus relating to the offering may be obtained from Pacific Century Securities, LLC, 60-20 Woodside Avenue, Suite 211, Queens, New York 11377 or by email at [email protected] In addition, a copy of the prospectus relating to the offering is available on the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities described herein, nor shall there be any sale of such securities in any state or jurisdiction where such offer, solicitation or sale has previously been made would be unlawful to register or qualify under the securities laws of any such state or jurisdiction.
Around CBL International Limited
We are a bunker broker in the bunker industry headquartered in Malaysia. We focus on providing marine fuel according to required international standards with competitive prices and on-time delivery services in ports agreed between our customers and us. Over the years we have built an extensive supply network with our experienced management team to offer our customers more options and flexibility in meeting their marine fueling needs. Focused on expanding our service locations, our delivery network includes ports in many locations in Asia Pacific including but not limited to South Korea, PRC, Taiwan, Hong Kong, Malaysia, Singapore, Philippines and Thailand. In the future, we intend to allocate more resources to further expand our supply network and strive for continuous increase in market share.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including but not limited to the Company’s proposed offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offer will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”. “believe,” “estimate,” “predict,” “potential,” “project,” or “continue,” or the negative of such terms, or other similar terminology. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it cannot assure you that these expectations will prove to be correct and the Company cautions investors that actual results may differ materially from those anticipated Results may differ and encourages investors to review other factors that may affect future results in the company’s registration statement and other SEC filings.
For investors and media Inquiries please contact:
Pacific Century Securities LLC
Yao Zhang
Email: [email protected]
CBL International Limited
Email: [email protected]
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