ALPHA PRO HLDGS has announced a non-underwritten rights issue to raise up to HK$82.46 million gross (net: HK$81.00 million). Shareholders registered on 22 October 2026 will be offered one Rights Share for every existing share held, at a subscription price of HK$0.20 each. A maximum of 412.28 million new shares, equal to 100% of the current issued capital and 50% of the enlarged share base, will be issued.

The subscription price represents a 19.68% discount to the HK$0.249 closing price on 12 August 2026 and a 10.71% discount to the five-day average price. The theoretical dilution effect is calculated at 9.64%.

Controlling shareholder Ms. Chong, through Well Dynasty Investments and Vigor Online, has irrevocably committed to take up her full entitlement of 207.03 million Rights Shares, ensuring at least 50.22% of the issue will be subscribed. No other underwriting arrangements are in place; any untaken shares will be available for excess application.

Use of proceeds is earmarked as follows: • 50.00% (about HK$40.50 million): partial repayment of existing borrowings. • 25.00% (about HK$20.30 million): general working capital. • 12.50% (about HK$10.10 million): capital injection into a newly formed JV for elevator management services. • 12.50% (about HK$10.10 million): expansion of the Group’s milk products business.

Key dates include a Special General Meeting on 9 October 2026 to seek independent shareholders’ approval, last cum-rights trading on 12 October 2026, record date on 22 October 2026, prospectus dispatch on 23 October 2026, trading of nil-paid rights from 27 October to 3 November 2026, and the latest acceptance/payment deadline on 6 November 2026. Fully-paid Rights Shares are expected to begin trading on 17 November 2026.

If conditions are not met by 18 December 2026, the rights issue will lapse and monies will be returned. Existing shareholders who do not participate will see their stakes diluted accordingly.