Hong Kong, November 6, 2024 – PTL Limited (Nasdaq: PTLE), a provider of marine fuel logistics services for vessel refueling in the Asia Pacific market, announced that the underwriters of its initial public offering (IPO) have fully exercised their over-allotment option to purchase an additional 187,500 ordinary shares at the public offering price of $4.00 per share. This resulted in additional gross proceeds of $0.75 million. After exercising the over-allotment option, the total number of ordinary shares sold by PTL in the IPO increased to 1,437,500 ordinary shares, and the gross proceeds increased to $5.75 million, before deducting underwriting discounts and other expenses. The over-allotment option closing date was November 6, 2024. The ordinary shares began trading on the Nasdaq Capital Market on October 16, 2024 under the symbol “PTLE.”

PTL intends to use the net proceeds from the offering for vessel acquisition, increasing inventory to secure volume discounts and favorable credit terms, establishing a price hedging mechanism, and other general corporate purposes.

The IPO was conducted on a firm commitment basis. Dominari Securities LLC acted as the representative of the underwriters, with Revere Securities LLC acting as the co-underwriter. Ortoli Rosenstadt LLP, Ogier, David Fong & Co. and China Commercial Law Firm acted as U.S., British Virgin Islands, Hong Kong and People’s Republic of China legal counsels to PTL, respectively. J&S Associate PLT acts as the reporting accountants of the Company. Loeb & Loeb LLP acts as legal counsel to the Underwriters for the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (SEC) (File Number: 333-281097), as amended, and was declared effective by the SEC on September 30, 2024. The Offering was made by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained, when available, from Dominari Securities LLC by email at , by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor New York, NY 10022, or by telephone at (212) 393-4500; or from Revere Securities LLC by email at , by standard mail to Revere Securities LLC, 560 Lexington Avenue, 16th Floor, New York, NY 10022, or by telephone at +1 (212) 688-2350.

Before investing, you should read the prospectus and other documents PTL has filed or will file with the SEC for more information about the company and the offering. This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any of PTL’s securities. There will be no offer, solicitation or sale of any of PTL’s securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About PTL Limited

Headquartered in Hong Kong, PTL is a provider of marine fuel logistics services for vessel refueling, primarily for container ships, bulk carriers, general cargo vessels, and chemical tankers. Targeting and serving the Asia Pacific market, PTL leverages close relationships and partnerships within its network in the marine fuel logistics industry, including upstream suppliers and downstream customers, to provide a one-stop solution for vessel refueling.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on PTL’s current expectations, including the trading of its Ordinary Shares or the closing of the Offering. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although PTL believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. PTL cautions investors that actual results may differ materially from the anticipated results and encourages investors to read the risk factors contained in PTL’s final prospectus and other reports it files with the SEC before making any investment decisions regarding PTL’s securities. PTL undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

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