All conditions precedent under the subscription agreement have been satisfied, with the transaction successfully closing on December 31, 2025. Following the closing, the company has issued convertible bonds with a principal amount of $250 million to the subscriber in accordance with the terms of the subscription agreement. On December 30, 2025, the company and the subscriber also entered into a business cooperation agreement, which encompasses a series of commercial collaboration arrangements related to the business areas disclosed in the announcement. Pursuant to its terms, the parties will further execute specific agreements to detail the implementation of certain cooperation areas, with the previously disclosed committed transaction amount to be calculated from the date of the relevant specific agreements. As disclosed in the announcement, the company intends to use the net proceeds (after deducting related fees) of approximately $249.6 million for general commercial purposes.
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