China Art Finance (01572) issued an announcement. On April 2, 2024, the company (as the issuer) and the subscription...
According to Zhitong Finance App, China Art Finance (01572) announced that on April 2, 2024, the company (as the issuer) signed a subscription agreement with the subscriber Zhonglian Mathematical Group. The subscriber conditionally agreed to subscribe and the company conditionally agreed to allocate and issue a total of 12.5 million subscription shares at a subscription price of HK$0.12 per subscription share.
The subscribed shares are equivalent to about 0.74% of the issued share capital of the company expanded through allotment and issuance of subscribed shares. The subscription price was discounted by about 11.11% from the closing price of HK$0.135 per share on April 2.
To support the company's business development, the subscribers entered into a share subscription agreement with the company. Entering into a share subscription agreement will allow the company to expand its shareholder and capital base, improve the Group's financial position, and support the further development of the company's current and potential business and investment opportunities. The board of directors believes that the subscription agreement and the terms of the transaction to be carried out under it are made by the contracting parties in accordance with normal commercial terms after fair negotiation, and that the conclusion of the subscription agreement conforms to the overall interests of the company and shareholders.