Ix Biopharma Cuts Conversion Price of 9% Convertible Bonds

MT Newswires06-19

Ix Biopharma (SGX:42C) adjusted the conversion price of its SG$2 million 9% convertible bonds following its recent rights cum warrants issue, according to a Tuesday filing with the Singapore bourse.

The conversion price of the bonds will be reduced from SG$0.1337 to SG$0.1200 per share, while the minimum conversion price will decrease from SG$0.0819 to SG$0.0700, effective June 25, when the shares trade ex-rights.

The adjustment follows the companyâs rights issue of up to 172.3 million new shares at SG$0.03 per share and 86.2 million free detachable warrants at an exercise price of SG$0.06 per share.

The bondholder, Lau Ho Ming Peter, has not yet exercised his conversion rights. Based on the adjusted minimum conversion price, iX Biopharma could issue up to 28.57 million new shares.

Shares of Ix Biopharma plunged nearly 8.6% in recent trade.

Price (SGD): S$0.03, Change: S$, Percent Change: -8.57%

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