intends to raise at least $183.12 million by way of open offer.
The company will conduct the open offer at $0.1 per share on the basis of one offer share for every four existing shares held, Xing Lin Medical Information Technology said in a statement. Trading in the stock will be resumed this morning.
The net proceeds of as much as $180.84 million will be used for the repayment of the promissory note of the group.
The subscription price of $0.1 per share represents a discount of approximately 17.36% to the closing price of $0.121 per share prior to suspension of trading.
As at last Friday, the promissory notes of $605 million and the convertible bond of $532 million remain outstanding. In light of the terms of the outstanding promissory note of the company, the maturity date of promissory note is a fixed term of twelve months from the date of issue. If the company defaults in repayment on maturity date of any outstanding principal amount, the company shall pay interest on such overdue amount from the maturity date until payment in full at the rate of 10% per annum.
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