MicroAlgo (MLGO) said Monday that it plans to issue new shares at $0.8 per share to fulfill a debt obligation.
This move comes after a $20 million convertible bond purchase agreement signed with creditors on Oct. 7, 2024, featuring a 360-day maturity period.
The creditors have invoked their right to convert debt into shares under the agreement, which permits conversion at 70% of the lowest closing price in the past 60 trading days, the company said, adding that the new share issuance is solely for debt repayment under the convertible bond terms.
Shares of MicroAlgo more than doubled in recent Monday trading.
Price: 5.08, Change: +2.56, Percent Change: +101.59
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.