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
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