{"url_path":"/sec/tmde/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 **","topic":"sec","document":{"doc_type":"20-F/A","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2009714/0001493152-26-023294-index.html","accession_number":"0001493152-26-023294","cik":"0002009714","ticker":"TMDE","issuer_name":"TMD Energy Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2009714/0001493152-26-023294-index.html","primary_entity_key":"0002009714","primary_entity_name":"TMD Energy Ltd"},"word_count":216,"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\nMarch 31, 2025, the registration statement (File No. 333-283704) (the “**Registration Statement**”) relating to the Company’s\nIPO was declared effective by the SEC. In connection therewith, the Company entered into an underwriting agreement with Maxim Group LLC,\ndated April 21, 2025. On April 22, 2025, the Company consummated the IPO of 3,100,000 ordinary shares, par value $0.0001 per share at\na price of $3.25 per share (the “**Offering Price**”), pursuant to the Underwriting Agreement. The underwriters were granted\na 45-day option to purchase up to additional 465,000 ordinary shares to cover over-allotments, if any. The underwriters exercised their\nover-allotment option fully on April 22, 2025, the underwriters purchased an additional 465,000 ordinary shares at the Offering Price.\n\n \n\nThe\nIPO (including the sale of the Ordinary Shares to cover over-allotment) generated gross proceeds to the Company of approximately $11.59\nmillion. We incurred a total of $1.25 million listing expenses and the net offering proceeds to us after deducting the total expenses\nwas $10.34 million. As at the date of this Transition Report, we had utilized 55%, 29% and 16% of the IPO proceeds for purchase of cargo,\nlisting expenses and general and corporate expenses respectively.\n\n \n\n20\n\n \n\n \n\n**PART\nIII**"}