Biolidics (SGX:8YY) has addressed queries from the Singapore Exchange regarding its recent issuance of 946 million new ordinary shares, according to a Monday filing on the Singapore Exchange.
Shares of the medical technology company were allocated to vendors Yuan Zhijun and Wu Kunwei before the completion of a proposed acquisition.
The company explained that the early issuance was necessitated by the listing and quotation notice's requirement to issue shares within seven market days.
Additionally, the timing was influenced by anticipated delays in securing approvals from Chinese regulatory authorities due to the Golden Week holiday.
The issuance aims to prevent potential mandatory takeover obligations under Singapore's Takeovers Code, ensuring that the subscription does not trigger such a requirement.
All acquisition conditions have been fulfilled, with the completion expected around Oct. 25, pending further approvals from PRC governmental agencies.
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