On November 30, GLONGHUI GROUP HOLDINGS (02221.HK) announced that on November 24, 2023, the company received a conversion notice from its convertible bond subscriber-A, which stated that it had exercised its rights to convert convertible bonds with a capital amount of HK$9,999,360 to 15,872,000 shares of converted shares at a conversion price of HK$0.63 per share.
As conversion rights attached to convertible bonds are exercised, the company will allocate and issue 15,872,000 convertible shares to subscribers in accordance with the company's general authorization granted by shareholders to directors at the company's annual general meeting held on August 15, 2023. The converted shares will enjoy the same status in all respects as all existing issued shares on the date of allocation and with each other.
Following the allotment and issuance of converted shares, the number of issued shares of the Company will increase by 15,872,000 shares to 1,605,092,134 shares. 15,872,000 converted shares are equivalent to (i) approximately 1.00% of the company's existing issued share capital immediately before the conversion; and (ii) about 0.99% of the company's issued share capital after the allocation and issuance of converted shares were expanded.