{"url_path":"/sec/nwgl/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 **","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1948294/0001493152-26-019023-index.html","accession_number":"0001493152-26-019023","cik":"0001948294","ticker":"NWGL","issuer_name":"CL Workshop Group Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1948294/0001493152-26-019023-index.html","primary_entity_key":"0001948294","primary_entity_name":"CL Workshop Group Ltd"},"word_count":331,"has_tables":true,"body_markdown":"**ITEM\n14.**\n**MATERIAL\nMODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**\n\n \n\n**14.E.\nUse of Proceeds**\n\n \n\nOn\nSeptember 11, 2023, the Company’s Registration Statement on Form F-1 in connection with the IPO was filed on August 22, 2023 (Registration\nNo. 333-271425). In connection therewith, the Company entered into an underwriting agreement with Prime Number Capital LLC (as representatives\nof the underwriters named therein), dated September 12, 2023. On September 14, 2023, the Company consummated the IPO of 750,000 ADSs,\npar value $0.001 per share at a price of $9 per ADS (the “**Offering Price**”), pursuant to the Underwriting Agreement.\nThe underwriters were granted a 45-day option to purchase up to additional 112,500 ADSs to cover over-allotments, if any. The underwriters\nexercised their over-allotment option in part and, on October 12, 2023, the underwriters purchased an additional 85,868 ADSs at the Offering\nPrice.\n\n \n\nThe\nIPO (including the sale of the ADSs to cover over-allotment) generated gross proceeds to the Company of $7.5 million. We incurred listing\nexpenses totalling $2.4 million and the net offering proceeds to us after deducting the total expenses was $5.1 million.\n\n \n\nAs\ndisclosed in the Company’s Registration Statement on Form F-1, approximately 50% of the net proceeds was planned for acquisition\nof concession rights and forest-related business, approximately 35% for acquisition of factories in Europe or South America and development\nof new products; and the balance to fund working capital and other general corporate purposes.\n\n \n\nDue\nto changes in the business environment and prevailing market conditions, the Company did not utilize any net proceeds for the acquisition\nof concession rights and forest-related business, nor for the acquisition of factories in Europe or South America. Instead, approximately\n85% of the net proceeds were used for the development of new products, and the remaining net proceeds were applied to working capital\nand other general corporate purposes.\n\n \n\nFrom\nthe effectiveness of the applicable registration statements through the date of this annual report, all net proceeds have been fully\nutilized."}