Summary by Futu AI
On January 30, 2024, Lenshi Electric Motor Vehicle New Materials Holdings Limited (“New Materials”) announced that 596,153 shares of common stock have been issued and issued to Shashi Doni. The conversion is based on the exercise of the exchange option attached to the convertible shares held by Shashi Doni, calculated at an initial exchange price of HK$0.65 per share, involving the amount of $50,000. Upon conversion, the convertible shares will have equal equity to the Company's other existing issued ordinary shares and will increase the Company's share of approximately 0.07% of the total issued ordinary shares after the Company expands. Prior to and after the conversion, the Company's shareholding structure also changed, with the Executive Director and Chief Executive Officer Mr. Yi-Jen Chen and Chairman and Executive Director Mr. Liu Xingda holding company shares in individual and wholly owned companies, respectively. This share conversion will not affect the holding structure of the Company's preferred shares.