New Focus Auto Tech Holdings (HK:0360) has released an update.
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New Focus Auto Tech Holdings has announced the placement of convertible bonds worth up to HK$400 million through Kingston Securities Limited, targeting at least six independent third parties. If fully converted, these bonds will represent around 16.02% of the current issued share capital, potentially expanding to 13.81% post-conversion. The proceeds are earmarked for business development, manufacturing, and debt repayment, but the deal is contingent on certain conditions and may still not proceed.
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