KUALA LUMPUR, Dec 24 (Bernama) -- Borneo Oil Bhd’s quoted investment, Verde Resources Inc, has applied to list its common stock on the Nasdaq stock market, in conjunction with a proposed underwritten public offering in the United States.
In a Bursa Malaysia filing today, Borneo said that in connection with the proposed Nasdaq uplisting, Verde Resources has publicly filed a registration statement on Form S-1 with the US Securities and Exchange Commission for an underwritten public offering with anticipated gross proceeds of between US$5 million (US$1 = RM4.06) and US$8 million.
It said Verder Resources’ Nasdaq listing would be effective upon, and a condition to, the closing of such offering.
Borneo Oil said Verde Resources intends to use the proceeds to accelerate several strategic growth initiatives, including scaling production and distribution of its BioAsphalt technology in North America with its commercial partner, Ergon Asphalt & Emulsions, Inc.
“The proceeds will also be utilised to expand its licensing model to establish commercial partnerships in new markets and other regions around the world and engage in research and development to deliver technologies and products that address critical environmental challenges,” it added.
Borneo Oil said it holds a 13.449 per cent equity interest in Verde Resources, an emerging leader in environmentally sustainable infrastructure products and technologies, as at the end of the financial year 2025.
-- BERNAMA
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