GoodMorning Global Group achieved a significant milestone recently on the equity crowdfunding platform MyStartr, surpassing previous records in Malaysia for the highest number of investors and the highest amount raised in a single equity
crowdfunding project.
The campaign received support from a total of 1046 investors and successfully raised RM20 million, with the Malaysian Securities Commission (MyCIF) contributing RM1 million. The crowdfunding campaign took place from May 2 to July 3 this year on MyStartr, and it surpassed the RM10 million mark on the first day of launch. This crowdfunding initiative is part of the group’s preparation to achieve an Initial Public Offering listing on Bursa Malaysia ACE Board within 3 years.
The equity was offered at RM1 per share of preferred stock, with a maximum offering of RM20 million worth of shares. The group’s valuation was independently appraised at an impressive RM219 million in February, considering the existing 140 million total shares in the group, it is projected that the share price would reach RM1.57. Dr. Charles Fang Chin Cheng, the Group’s CEO, and CFO, stated that the company’s vision is to become a leading global food technology and integrated grain enterprise, providing consumers with unlimited health benefits and maximizing value for shareholders.
He also revealed that the funds raised from this crowdfunding campaign will be allocated to plant-based protein technology research and development, operational expenses, capital expenditure, and optimizing the group’s debt structure.
These measures it said will help the group accelerate its four major prospects, including developing the Middle Eastern market, diversifying its business model, expanding multi-layered digital marketing, and accelerating the growth of the plant-based protein technology food processing industry.
The group believes that once these prospects are realized, its market capitalization is expected to reach RM410 million, and the share price may exceed RM3.
