MicroAlgo plans to issue additional shares at offering price of 80c

MicroAlgo (MLGO) announced the plan to issue more new shares. Considering that MicroAlgo entered into a convertible bond purchase agreement with creditors on October 7, 2024, with a total amount of $20 million. These bonds have a maturity period of 360 days. According to the convertible bond purchase agreement, the bonds are convertible into common shares at a conversion price equal to 70% of the lowest closing market price during the 60 trading days preceding the conversion request. MicroAlgo Inc. has received notice from the creditors under this $20 million convertible bond purchase agreement, requesting the company to issue new shares at $ 0.8 per share to repay the debt in accordance with the agreement terms. The company plans to fulfill the relevant clauses of this $20 million convertible bond purchase agreement and will issue new shares at $ 0.8 per share for debt repayment.