Baylin Technologies proposes amendment to 6.5% convertibles

Chicago, March 11 – Baylin Technologies Inc. announced that it will be seeking approval from holders of its 6.5% extendible convertible unsecured debentures due July 10, 2023 to amend the conversion price through an extraordinary meeting of holders to be held on April 8, according to a press release.

The company states that the current conversion price is currently C$3.85, which is significantly higher than the current trading price of the common shares of the company.

An amendment would change the conversion price to a price based on the current market price of the common shares at the time the amendment becomes effective and keep that price in effect for 30 days.

Holders of the convertibles would then be able to convert their notes during that 30-day period at the new conversion price.

The amendment also needs approval by the Toronto Stock Exchange and shareholders of the company at its annual and special meeting scheduled for May 11.

Toronto-based Baylin is a wireless technology company.

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