Kandal M Venture Ltd

Kandal M Venture Limited announced its full fiscal year 2026 financial results, reporting a 12.4% increase in net income to $235,625, despite a slight 0.3% decrease in revenue to $17.13 million. The company experienced a decline in gross profit and a shift to negative cash flow from operations, but significantly boosted its cash reserves through $8.01 million in IPO proceeds. Kandal also secured a growth capital facility for international expansion and plans further investments in production capacity and technology.

Kandal M Venture Limited announced the postponement of its Extraordinary General Meeting of Shareholders (EGM), which was originally scheduled for July 9, 2026. The Board decided to postpone the meeting until further notice to adjust the proposal outlined in the EGM notice dated June 16, 2026. The company has informed shareholders via its corporate website and will send out a formal notice.

Kandal M Venture Limited announced the second closing of its previously disclosed securities purchase agreement. The company issued and sold a second senior unsecured convertible promissory note for $1,000,000 to an institutional investor, bringing the total raised so far to $2,000,000 out of a potential $25,000,000. The note carries a 10% annual interest rate, matures in June 2029, and is convertible into Class A Ordinary Shares.

Kandal M Venture Limited announced it received an extension from Nasdaq to regain compliance with the minimum bid price requirement. The company was initially notified on December 22, 2025, for failing to maintain a $1 bid price. Nasdaq has now granted an additional 180 calendar days, extending the compliance deadline to December 21, 2026. The company is evaluating options to regain compliance, but there is no assurance it will succeed.

Kandal M Venture Ltd (FMFC) has announced an Extraordinary General Meeting (EGM) scheduled for July 9, 2026. The main agenda item is to approve a 1-for-16 share consolidation, intended to boost the stock's per-share price and meet Nasdaq's continued listing requirements. The board will determine the effective date, which must be by September 30, 2026. The meeting will be held in a hybrid format, allowing for both physical and electronic participation.

Kandal M Venture Ltd has entered into a Second Agreement, which constitutes a related party transaction, approved by its board of directors on June 8, 2026. The transaction's valuation was based on a report from January 30, 2026. Shareholding in Dumaine, an investment holding company with luxury handbag manufacturing subsidiaries, has been adjusted post-agreement. Notably, Mr. Miao Duncan, a Director and chairman of Kandal M Venture Ltd, and Mr. Miao Tai Wai, David, are key figures in both Kandal M Venture Ltd's controlling shareholder and Dumaine's ownership structure.

Kandal M Venture Ltd issued Senior Convertible Notes, convertible into Class A Ordinary Shares at 105% of the principal, maturing on the third anniversary of their issuance. These notes include customary covenants and a beneficial ownership limitation of 9.99%. The company also entered into a placement agency agreement with Revere Securities LLC, appointing them as the exclusive agent for the offering. Revere Securities will receive a 5% placement fee on gross proceeds, advisory fees of $20,000 per closing, and 1% of gross proceeds for non-accountable expenses.

Kandal M Venture Limited announced that Mr. LAM Tai Mau's title has been changed to Chief Financial Officer, effective June 2, 2026. He was initially appointed Financial Controller on May 11, 2026, with the same work scope as the Chief Financial Officer position.

Kandal M Venture Limited announced a change in its financial leadership. Mr. LAM Tai Mau has been appointed as the Financial Controller, effective May 11, 2026, taking on the same responsibilities as the previous Chief Financial Officer. Concurrently, Mr. KWOK Yi Feng will cease to be the Chief Financial Officer as of May 25, 2026. Mr. Lam brings over 15 years of senior financial management experience from multinational corporations in manufacturing and retail sectors.