{"url_path":"/sec/lud/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 **","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1984124/0001213900-26-057512-index.html","accession_number":"0001213900-26-057512","cik":"0001984124","ticker":"LUD","issuer_name":"Luda Technology Group Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1984124/0001213900-26-057512-index.html","primary_entity_key":"0001984124","primary_entity_name":"Luda Technology Group Ltd"},"word_count":479,"has_tables":true,"body_markdown":"**ITEM 14.**\n**MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**\n\n \n\n**Material Modifications to the Rights of Security\nHolders**\n\n \n\nSee “Item 10—Additional Information—B.\nMemorandum and Articles of Association” for a description of the rights of securities holders, which remain unchanged.\n\n \n\n**Use of Proceeds**\n\n \n\nThe following “Use of Proceeds” information relates to\nthe registration statement on Form F-1, as amended (File number: 333-283680) in relation to the initial public offering of 2,500,000 ordinary\nshares of the Company. Our initial public offering was announced on February 26, 2025 and closed on February 28, 2025. Revere Securities\nLLC. was the representative of the underwriters for our initial public offering. We offered and sold 2,500,000 ordinary shares at a price\nof $4.00 per share and received net proceeds of approximately $8.9 million, after deducting underwriting discounts and commissions and\nestimated offering expenses payable by us. The registration statement was declared effective by the SEC on February 26, 2025. The total\nexpenses incurred for our company’s account in connection with our initial public offering was approximately $2.4 million, which\nincluded approximately $1.0 million in underwriting discounts and commissions for the initial public offering and approximately $1.4 million\nin other costs and expenses for our initial public offering. None of the transaction expenses included payments to directors or officers\nof our company or their associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds\nwe received from the initial public offering were paid, directly or indirectly, to any of our directors or officers or their associates,\npersons owning 10% or more of our equity securities or our affiliates.\n\n \n\nIn relation to initial public offering, our Company\nhas granted the underwriters a 45-day option to purchase up to an additional 375,000 ordinary shares to cover over-allotments, if any.\nOn April 7, 2025, the Company issued and sold to the underwriter 190,000 ordinary shares at a price of $4.00 per share, pursuant to the\npartial exercise of the Over-Allotment Option, resulting in additional gross proceeds of approximately $760,000. As a result, the Company\nhas raised aggregate gross proceeds of $10,760,000 in the IPO, including the exercise of the Over-Allotment Option, prior to deducting\nunderwriting discounts and commissions and estimated offering expenses payable by the Company. \n\n \n\nAs of the date of this annual report, we had used the net proceeds\nreceived from our initial public offering coupled with working capital to purchased $8.0 million of participating shares in a fund, a\nsegregated portfolio of Global A Plus Investment SPC Limited (the “Fund”). The Fund was redeemed on December 29, 2025. We\nintend to use the funds to invest in the projects according to the use of proceeds as described in our registration statement on Form\nF-1 as setting up a manufacturing plant, acquisition of upstream supplier, purchase of machineries, computer system enhancement and working\ncapital."}