S-1 · primary and resale
Issued 2024
Proposed maximum
Shares registered
- Filed
- Effective
FMFC$3.80+9.51%
Kandal M Venture Ltd
Sector: Leather & Leather ProductsIndustry: Personal Products & ServicesCountry: KHExchange: Nasdaq
Mkt Cap:$1.59M
Float & O/S:
Inst Own:
DilutionScan read 32 of Kandal M Venture Ltd's SEC filings and found 3 convertibles, 1 shelf registration, 1 S-1 registration and 4 completed offerings on file for FMFC. The latest dilution event on file is an offering on Sep 1, 2026. Analysis updated Oct 14, 2026.
Signal8 Summary
FMFC
Nasdaq delisting risk, dilutive debt, cash tight
Snapshot
Kandal is a tiny Cambodia-based leather goods manufacturer with $17.1M in flat revenue and a thin $236K profit. Gross margin slipped to 18.9%, and the business burned $1.9M in cash from operations.
What's Happening Right Now
- : Fiscal 2026 revenue was roughly flat at $17.1 million while net income rose 12.4% to $235,625, and cash jumped to $3.6 million largely from $8.0 million in IPO proceeds.
- : Nasdaq granted Kandal a second 180-day extension, pushing the deadline to regain the $1.00 minimum bid price to December 21, 2026.
- : Kandal scheduled a 1-for-16 reverse stock split to try to regain Nasdaq's $1.00 minimum bid price after falling out of compliance in late 2025; the vote has since been postponed.
- : Kandal entered a deal to issue up to $25 million in convertible notes at a 10% discount to par, carrying 10% interest (18% on default) and conversion terms that could dilute existing shareholders.
- : Kandal agreed to buy an additional 15% stake in Dumaine International for $2.5 million from its own Chairman and controlling shareholder, funded by subsidiary cash on hand.
Raise routes on file: effective shelf · latest dilution event 63 days ago
Overall Risk
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Cash Need
AI dilution summary
The dominant contractual driver and its mechanism, then each further driver ranked.
Latest dilution event
Sep 1, 2026 · Offering
Every warrant, convertible, ATM and shelf, cited to the filing
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Share count and cash history
Shares outstanding, potential dilution and cash over time
Completed
Initial Note – Senior Unsecured Convertible Promissory Note (June 5, 2026)
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Second Note – Senior Unsecured Convertible Promissory Note (June 25, 2026)
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Third Note – Senior Unsecured Convertible Promissory Note (September 1, 2026)
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F-3 shelf registration
Issued 2026
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- Baby shelf
Public offering
Issued 2025
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PIPE
Issued 2026
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PIPE
Issued 2026
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PIPE
Issued 2026
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Know who's about to sell into your FMFC trade
Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
