Summary by Futu AI
Fubo Group (share code: 3738) announced that it entered into a subscription agreement with investor Poly Platinum Enterprises Limited on 13 May 2024, conditionally agreeing to issue and subscribe for a total of HK$159,997,200 3% convertible bonds, which will mature in 2026. The convertible bond, assuming a full conversion, will be converted into 85,560,000 shares, representing approximately 3.63% of the issued share capital upon expansion. The initial exchange price is HK$1.87 per share, representing a market price premium of approximately 14% to 15% over the subscription date. The funds will be used to develop and invest in Artificial Intelligence Content Generation (AIGC) related businesses and to repay interest loans. The Company will not seek to list convertible bonds, but will apply for the exchange of shares to be listed and traded on the exchange. Due to the fact that certain conditions are met, the issuance of convertible bonds may or may not take place and shareholders and investors should exercise caution.