Recent Updates — MGN
Megan Holdings closed a follow-on public offering of 15,000,000 Class A ordinary shares at $0.50 per share on October 29, 2026, generating approximately $7.5 million in gross proceeds. Prime Number Capital acted as the exclusive placement agent. The company intends to use net proceeds for business ventures, acquisitions, and general working capital. Megan Holdings is a Malaysia-based company engaged in the development, construction, and maintenance of aquaculture farms.
Nasdaq notified Megan Holdings Limited of non-compliance with its minimum bid price rule on May 12, 2026, granting a 180-day cure period ending November 9, 2026. Following shareholder approval in July for a share consolidation up to 1-for-400 and the Board's selection of a 1-for-30 ratio, Nasdaq approved the reverse split effective September 17, 2026. On October 1, 2026, Nasdaq confirmed compliance after ten consecutive business days (September 17–30) where the closing bid price remained at or above $1.00 per share. Megan Holdings Limited operates in Malaysia.
Megan Holdings Limited reported a net loss of MYR5.8 million (US$1.4 million) for the six months ended June 30, 2026, compared to a net income of MYR1.9 million in the prior year period. Revenue declined 8.4% to MYR12.8 million (US$3.1 million), driven by lower project volumes in aquaculture and agriculture farm upgrading. General and administrative expenses surged to MYR4.2 million due to tax penalties of MYR1.1 million and increased professional service fees, while an allowance for expected credit losses of MYR1.4 million further pressured results. The company completed a public offering on February 27, 2026, raising MYR29.8 million net of costs, which improved its liquidity position despite negative operating cash flow of MYR24.2 million. Megan Holdings Limited operates in the aquaculture and agriculture sector, providing development, construction, and upgrading services for farms.
Megan Holdings Limited announced that its previously approved share consolidation will become effective on the Nasdaq Capital Market on September 17, 2026. The Board of Directors set the consolidation ratio at 1-for-30, superseding a prior announcement of a 1-for-40 split with an earlier effective date of September 8, 2026. Trading under the symbol 'MGN' will resume on a post-consolidation basis at market open on the effective date, with fractional shares rounded up to the nearest whole share. This company operates in the investment holding industry.
Megan Holdings Limited announced that its shareholders approved a 1-for-40 share consolidation at an Extraordinary General Meeting held on August 21, 2026. The marketplace effective date for this reverse split is Tuesday, September 8, 2026, when Class A Ordinary Shares will commence trading on the post-consolidation basis under the symbol “MGN” on The Nasdaq Capital Market. Fractional shares resulting from the consolidation will be rounded up to the nearest whole share at the participant level. Megan Holdings Limited operates in the investment holding industry.