{"url_path":"/sec/ncew/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**","topic":"sec","document":{"doc_type":"20-F/A","doc_date":"2026-06-08","source_url":"https://www.sec.gov/Archives/edgar/data/1968043/0001493152-26-027632-index.html","accession_number":"0001493152-26-027632","cik":"0001968043","ticker":"NCEW","issuer_name":"New Century Logistics (BVI) Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1968043/0001493152-26-027632-index.html","primary_entity_key":"0001968043","primary_entity_name":"New Century Logistics (BVI) Ltd"},"word_count":296,"has_tables":true,"body_markdown":"**ITEM\n14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**\n\n \n\n**Material\nModifications to the Rights of Security Holders**\n\n \n\nSee\n“Item 10. Additional Information” for a description of the rights of securities holders, which remain unchanged.\n\n \n\n**Use\nof Proceeds**\n\n \n\nOn\nDecember 19, 2024, the Company closed its initial public offering (“IPO”) of 1,500,000 Ordinary Shares, pursuant to its registration\nstatement on Form F-1 (File No. 333-274115) (the “F-1”) relating to the Offering, which was declared effective by the U.S.\nSecurities and Exchange Commission (the “SEC”) on November 20, 2024, and the Company’s registration statement on Form\nF-1MEF (File No. 333-283877) (the “MEF”) filed with the SEC on December 17, 2024, which became effective upon filing. The\nCompany filed a post-effective amendment No. 1 and a post-effective amendment No.2 to the F-1 on November 29, 2024 and December 9, 2024,\nrespectively; the post-effective amendment No.2 was declared effective by the SEC on December 13, 2024. The Ordinary Shares were priced\nat $4.00 per share for total gross proceeds of $6,000,000 before deducting underwriting discounts and offering expenses. The Ordinary\nShares commenced trading under the symbol “NCEW” on the Nasdaq Capital Market on December 18, 2024.\n\n \n\nThe\namount of expenses incurred for our account in connection with the IPO for underwriting discounts and commissions, finders’ fees,\nexpenses paid to or for underwriters, other expenses and total expenses was approximately $1,016,239, The total net proceeds after deducting\nsuch expenses was approximately $4,983,761.\n\n \n\nWe\nhave earmarked and have been using the proceeds of the initial public offering as follows: business expansion – up to 40%; technology\ninnovation – up to 15%; enhance warehousing and distributing capabilities – up to 15%; recruitment of talented personnel\n– up to 5% and general working capital – up to 25%.\n\n \n\n117"}