MMAG has informed that the company has triggered Guidance Note 3 of the ACE Market Listing Requirements as external auditors Messrs Grant Thornton Malaysia PLT, have expressed material uncertainty related to the ongoing concern of its audited financial statements for the financial year ended 31 March 2023 and the shareholders' equity on a consolidated basis is 50% or less of its issued share capital calculated based on the unaudited financial results of the Company as at 30 June 2024.

MMAG said it will submit an application for a waiver from being classified as an affected listed issuer to Bursa Securities as the Company said it has already taken measures by undertaking and completing the Rights Issue on 23 January 2024 raising RM145.34 million. In addition, warrants converted subsequent to January 2024 till todate has raised an additional RM92.09 million.

Following the successful completion of the Rights Issue and the proceeds arising from the conversion of the warrants, the Board of Directors is of the view that the Group's net assets has strengthened from RM170.62 million based on the audited financial statements for the financial year ended 31 March 2023 to RM220.77 million based on the unaudited financial results as at 30 June 2024.

The Group's cash position has also improved from RM13.03 million based on the audited financial statements for the financial year ended 31 March 2023 to RM78.86 million based on the unaudited financial results as at 30 June 2024. Net current assets (current assets have exceeded current liabilities) have also improved from a net current liabilities of RM56.87 million based on the audited financial statements for the financial year ended 31 March 2023 to a net current assets of RM39.46 million based on the unaudited financial results as at 30 June 2024.

With these developments, the Board of Directors is confident of its financial stability moving forward.