Linkage Global Inc. (NASDAQ: LGCB) completed a private investment in public equity (PIPE) financing on December 3, 2025, issuing 689,655 Class A Ordinary Shares at $1.45 per share for gross proceeds of approximately $1 million. The transaction was executed under a securities purchase agreement dated November 24, 2025 and the shares were sold in a private placement pursuant to Regulation S.
The financing comes at a time when Linkage Global’s financial performance has been under pressure. Fiscal 2024 revenue fell 19.2% to $10.29 million from $12.73 million the year‑prior, while the company posted a net loss of $439,336, an improvement over earlier years. In the first half of 2025, revenue dropped to about $3.50 million from $4.80 million in the same period of 2024, and the net loss widened to roughly $3.09 million from $1.41 million a year earlier. These trends underscore the need for additional liquidity to support ongoing operations and growth initiatives.
The company’s cross‑border sales segment has been a key source of revenue, but it has experienced a sharp decline of 82.35% year‑over‑year in the six months ended March 31, 2025. In contrast, the integrated e‑commerce services segment has delivered explosive growth, with revenue surging 930.08% YoY to $3.50 million in the same period. The shift toward higher‑margin e‑commerce services is a strategic priority for Linkage Global, and the PIPE proceeds will help fund the expansion of this segment and other commercial initiatives.
CEO Angela Wang emphasized that the capital raise is intended to strengthen the balance sheet and provide immediate capital for operational expansion and business development. She noted that the financing “enhances our financial flexibility as we scale our cross‑border e‑commerce platform, accelerate go‑to‑market initiatives and pursue strategic opportunities that drive long‑term shareholder value.” The company also highlighted its intent to explore a potential acquisition of Cicada Tech Limited, a $60 million deal that would broaden its footprint into on‑chain asset management.
The infusion of capital positions Linkage Global to address current headwinds—declining cross‑border sales and widening net losses—while accelerating growth in its high‑margin integrated e‑commerce services. The company’s recent 10‑for‑1 share consolidation in April 2025 restored compliance with Nasdaq listing rules, and the new liquidity will support continued investment in technology, talent, and market expansion, particularly in Southeast Asia. The financing signals management’s confidence in the company’s strategic pivot and its ability to navigate short‑term challenges while pursuing long‑term growth opportunities.
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