Ganfeng Lithium exercises redemption opportunity for convertibles

Chicago, March 15 – Ganfeng Lithium Co., Ltd. has exercised an opportunity to redeem its A share convertible bonds on Monday, according to a press release.

The convertibles were redeemable if the share price was above 130% of the prevailing conversion price for 15 consecutive trading days.

The A shares of the company’s stock surpassed that hurdle from Jan. 4 to Jan. 22.

The convertibles are being redeemed at RMB 100.21 subject to a withholding tax for onshore individual investors and securities investments funds which reduces the redemption price to RMB 100.17 for those entities.

As of March, a total of RMB 922,039,700 of the bonds had been converted into 22,116,759 A shares of the company. As a result of the conversion, the total number of ordinary shares of the company was increased to 1,355,922,244 shares.

From March 8, the trading and conversion of the bonds was frozen.

The company redeemed RMB 5,960,300 of the bonds for a total redemption payment of RMB 5,972,816.63 on Monday.

The bonds will be delisted from trading on Tuesday.

The electric vehicle battery maker is based in Jiangxi, China.

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