Hybrid Kinetic Further Extends Long Stop Date for Share Subscription Agreement, Subscription of Convertible Bond

MT Newswires Live05-24

Hybrid Kinetic Group (HKG:1188) said that due to additional time required for the fulfillment of the conditions of a share subscription agreement with M 6 Investments and a bonds subscription agreement with Zhou Zuan, the long stop dates of both agreements have been extended to Sept. 30, a Thursday filing with the Hong Kong Exchange said.

The company entered into a share subscription agreement with M 6 Investments on Sept. 20, 2022, for a subscription of 2 billion new shares under general mandate at the subscription price of HK$0.10 per subscription share resulting in estimated net proceeds of around HK$119.9 million.

On Feb. 15, 2023, due to the required additional time for fulfilling the agreement’s conditions, the parties had agreed to extend the long stop date from Nov. 30, 2022, to March 31, 2023.

On May 29, 2023, the company entered into a subscription agreement for the subscription of the convertible bond in the principal amount of HK$100,000,000 by Zhou Zuan at the conversion price of HK$0.10 per conversion share. The long stop date for the mentioned subscription has been extended a few times already.

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