TMD Energy Prices IPO Of 3.10M Ordinary Shares At US$3.25/Shr For Total Gross Proceeds Of About US$10.08M

KUALA LUMPUR, MALAYSIA, April 21, 2025 (GLOBE NEWSWIRE) -- TMD Energy Limited (the "Company") (NYSE:TMDE), together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced the pricing of its initial public offering (the "Offering") of 3,100,000 ordinary shares ("Shares") at a price to public of US$3.25 per Share for the total gross proceeds of approximately US$10.08 million, before deducting underwriting discounts and other related expenses, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares. The Shares will begin trading on April 21, 2025, U.S. Eastern time, on the NYSE American under the symbol "TMDE". The Offering is expected to close on April 22, 2025, subject to customary closing conditions.

The Company has granted the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional Shares to cover over-allotments at the initial public offering price, If the underwriter exercises their option to purchase the additional Shares in full, the total gross proceeds before deducting underwriting discounts and other related expenses from the offering are expected to be approximately US$11.59 million.

The Company intends to use the net proceeds from the Offering for (i) the purchase of cargo oil; (ii) defraying listing expenses; and (iii) working capital and other general corporate purposes.