Wisdom Wealth amends conversion price for convertible notes

By Mary-Katherine Stinson

Lexington, Ky., Jan. 24 – Wisdom Wealth Resources Investment Holding Group Ltd. amended the conversion price for its convertible notes under general mandate, according to a notice.

On Jan. 24, the company and the subscriber entered into a supplemental agreement to amend the conversion price to HK$0.20 per share from HK$0.10 per share, subject to adjustments.

Assuming full conversion at the amended price, a total of 195 million conversion shares will be allotted and issued, representing 6.17% of the total shares in issue as of Jan. 24 and 5.81% of the total number of shares in issue. The shares have an aggregate nominal value of HK$39 million and a market value of HK$11,895,000, based on the closing price of HK$0.061 per share on the last trading day.

The amended price represents a premium of 334.8% over the closing price of HK$0.0460 per share as of Jan. 24; a premium of 218.5% over the average closing price of HK$0.0628 per share as quoted on the stock exchange for the last five consecutive trading days and a discount of 84.1% to the unaudited consolidated net asset value per share as of June 30, 2023 of HK$1.259 per share based on the unaudited consolidated net assets of the group.

The net issue price per share is estimated to be HK$0.198, calculated based on the estimated net proceeds of HK$38.7 million and 195 million shares to be issued upon full conversion at the amended price.

The amended price was determined after arm’s length negotiations between the company and the subscriber.

The conversion shares will be issued under the general mandate approved on June 21, 2023 and is not subject to shareholder approval.

The maximum number of shares that can be issued is 632,028,139, being 20% of the total number of issued shares as of June 21, 2023.

At the request of the company, trading in the shares was suspended on Jan. 24. The company has applied to resume trading effective Jan. 25.

Wisdom Wealth engages in trading, importing, and exporting of electronic products, natural resources and petrochemicals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.