According to the Zhitong Finance App, Culture Communications (00343) issued an announcement regarding the proposed placement of up to HK$100 million of convertible bonds. Since the terms of the placement agreement were not met on July 24, 2023, the company and the placement agent signed a termination agreement on July 24, 2023. The placement agreement will be terminated, and it will no longer have any effect or effect from July 24, 2023. All rights, obligations and liabilities of the Company and the placement agent relating to the placement will cease and cease, and all of their respective obligations under the placement agreement will be relieved, and the contracting party may not make any claims against the other party for costs, damages, compensation or other expenses arising under the placement agreement, except for any obligation previously breached under the placement agreement.
According to the directors, the termination of the placement agreement had no significant adverse impact on the Group's current business operations and financial position. The company and the placement agent are discussing other equity capital raising options.