According to the Zhitong Finance App, COOL LINK (08491) announced that the company proposed to raise up to about HK$100.2 million (no expenses) by offering 299 million shares at the subscription price of HK$0.335 per share and allocating 3 offering shares for every 1 share held by eligible shareholders on the record date (assuming no change in the issued share capital of the company on or before the record date). The subscription price of HK$0.335 per share was reduced by approximately 28.7% from the closing price of HK$0.47 per share on November 20.

The net proceeds from the stock offering (after deducting estimated expenses relating to the stock offering) are estimated to be no less than HK$97.9 million and no more than HK$99.4 million. The company intends to use all of the net proceeds from the stock offering to repay outstanding debts; support group expansion; and supplement operating needs.

On November 20, 2023 (after the trading period), the company entered into a placement agreement with the placement agent. The placement agent has conditionally agreed to act as the company's agent (itself or through its distribution agent) to induce independent shareholders to subscribe for unsubscribed shares and unqualified shareholders to sell unoffered shares according to dedicated criteria.