IDreamSky Technology Holdings (HKG:1119) lowered the conversion price of its HK$386 million 5.00% guaranteed convertible bonds due 2028 to HK$3.58 per share from HK$3.64, following the issue of shares below market value, according to a Wednesday filing on the Hong Kong Exchange.
The adjustment was triggered after the company placed up to 119.9 million shares at HK$2.15 apiece, below 95% of the then-current market price.
The revised terms increase the maximum number of shares issuable upon full conversion of the bonds to 107.82 million from 106.04 million.
IDreamSky said the extra shares will be issued under an existing shareholder mandate approved in June 2023. The company said the adjustment took effect July 31, 2024.
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