Murano Global Investments (MRNO) said it filed a preliminary prospectus to register 129.8 million ordinary shares for resale, equivalent to roughly 164% of its outstanding shares.

The company said it does not expect to receive any proceeds from the proposed sale by selling security holders.

The company said a majority of the shares were issued in connection with a recent business combination and a standby equity purchase agreement with the underwriter, Yorkville, allowing Murano to raise up to $485 million over three years.