Reference is made to the total gross proceeds of RM44.91 million raised from the Initial Public Offering (“IPO”) as disclosed in Nova Wellness Group Berhad’s (“Nova”) prospectus dated 28 June 2018 that was issued in conjunction with Nova’s listing on the ACE Market of Bursa Malaysia Securities Berhad on 20 July 2018 (“IPO Proceeds”).

The Board of Directors of Nova (“Board”) wishes to announce that it has deliberated and resolved to approve where part of the IPO Proceeds allocated for research and development activities amounting to approximately RM7.57 million will be revised to purchase machineries for the production of functional food and skincare products (“Revision”). The Board has also approved the extension of time for the utilisation of the remaining IPO Proceeds (“Extension of Time”).

Please refer to the attachment for details of the Revision and Extension of Time for the utilisation of the remaining IPO proceeds.

This announcement is dated on 17 July 2020