Reference is made to the Company's initial public offering ("IPO") prospectus dated 27 December 2022 ("IPO Prospectus"), that was issued in conjunction with the listing of and quotation for the Company's entire issued share capital on the ACE Market of Bursa Malaysia Securities Berhad on 16 January 2023 and the announcement dated 28 August 2023.

On 28 August 2023, the Company announced that the Board of Directors of Wellspire ("Board") resolved to extend the timeframe for utilisation of proceeds from the IPO ("IPO Proceeds") allocated for working capital for an additional 12 months up to 15 July 2024.

As at 30 June 2024, the Company has remaining IPO Proceeds of RM18.94 million yet to be utilised. These proceeds were allocated for the abovementioned working capital and for the purpose of acquiring / constructing a warehouse and operational facility in Thailand.

Pursuant thereto, the Board has deliberated and resolved to extend the timeframe for the utilisation of IPO Proceeds for a further 12 months, up to 15 July 2025 ("Extension of Time").

Further details of the Extension of Time are set out in the attachment.

This announcement is dated 15 July 2024.

Please refer attachment below.