BM Desk : Acme Pesticides Authority, which is publicly traded, has been unable to utilize the funds acquired from its initial public offering (IPO) even after 3 and a half years. The company’s management plans to convene a special general meeting (EGM) to request an extension for the usage of these funds.
The EGM is scheduled for July 30, where they will seek shareholder approval for the extension. The record date for this meeting has been established as July 15.
As stated in the company’s prospectus, which was released to attract placement holders, the timeframe for utilizing the entire Tk 30 crore raised during the IPO was set at 2 years, expiring on December 31, 2023. However, according to information from the CSE, as of February 25, the most recent report indicates that only Tk 8.14 crore, or 27 percent, of the IPO funds have been utilized.
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