Northeast Electric (00042) announced that according to the H-share subscription agreement signed between the company and W.H.B.D (HK) TECHNOLOGY LIMITED on July 27, 2022, the condition for completing the subscription transaction for this H-share subscription is that it is reached or exempted before July 31, 2023 or other date on which the parties may agree in writing. As certain subscription conditions have not been met or waived before the deadline and the parties have not agreed on any further extension of the deadline, the subscription Agreement has expired on 31 July 2023 and this non-public offering of H shares is unenforceable. Under the subscription Agreement, the parties shall not make any claim against the other party in respect of any matter arising out of or in connection with this subscription Agreement.
The Board is of the view that the expiration of the subscription Agreement will not have a significant impact on the Group's business, operation and financial position, nor will it have an impact on the company's future capital operations.