According to the Wisdom Financial News APP, Upace Tech (01725) announced that on October 18, 2024, the company entered into two subscription agreements with two subscribers. The company has agreed to issue and distribute, and the two subscribers have conditionally agreed to subscribe for a total of 71.524 million shares, equivalent to approximately 14.20% of the enlarged issued share capital of the company after the issuance of the subscribed shares (assuming that there is no change in the issued share capital from the date of this announcement until the completion of the subscription). The subscription price of each subscribed share is HK$1.23 per share, representing a discount of approximately 18.54% from the closing price of HK$1.51 per share reported by the Hong Kong Stock Exchange on October 18.

The net proceeds will be approximately HK$87.14 million (after deducting the expenses of the subscription), equivalent to a net issue price of approximately HK$1.22 per subscribed share. Directors intend to use the net proceeds from the subscription for the general operating funds of the group, including but not limited to the administrative expenses of the company's ongoing operations and the operating expenses of the group's aerospace business.