Zhitong Financial APP News, Bigao Group (08220) announced that on December 7, 2021 (after the trading session), the company entered into a subscription and settlement agreement with controlling shareholder Stephen Chow, who intends to subscribe for convertible bonds with a principal of HK $19 million at a subscription price of HK $20 million. The subscription price will be paid by offsetting the principal amount of the outstanding existing bonds upon completion.
According to the announcement, the conversion price of the convertible bonds is initially HK $0.0275 per conversion share, which is about 14.58 per cent higher than the closing price of HK $0.0240 per share as quoted on the Stock Exchange on the date of the subscription and settlement agreement.