Summary by Futu AI
New Focus Auto Technology Holdings Limited (New Focus) announced after the trading session on June 27, 2024, that it has signed a placing agreement with Kam Lee Fung Securities Company Limited to place up to HKD 400 million convertible bonds. The bonds will be placed with no fewer than six independent third-party placing agents and may result in up to approximately 2.759 billion shares being issued upon full exercise of conversion rights, equivalent to approximately 13.81% of the enlarged share capital. After completion of the placing, the net proceeds expected to be raised will be approximately HKD 395.6 million, which will be used for business expansion, production and operation, and debt repayment. The completion of the placing is subject to certain conditions, including the approval...Show More