IGC Allots And Issues 110,000,000 Subscription Shares Media Outreach Newswire APAC
Date
12/13/2024 4:35:11 AM
(MENAFN- media OutReach Newswire)
HONG KONG SAR -
Media OutReach Newswire - 13 December 2024 -
International Genius Company (" IGC ", stock code: 0033) is pleased to announce that, has successfully signed Subscription Agreement with independent third parties after trading hours on 12 December 2024. IGC has conditionally agreed to allot and issue 110,000,000 Subscription Shares at the Subscription Price of HK$2.75 per Subscription Share (same to the closing price as quoted on the stock exchange on the Subscription Agreement), estimated funding of approximately HK$302 million is intended to be used to support the Company's strategic development and to replenish general operational funds.
If the Subscription Shares are fully subscribed, the Subscriber and its ultimate beneficial owner, Ms. Han Jia, will become Substantial Shareholder of IGC, holding approximately 16.46% of the issued share capital of the Company as enlarged by the allotment and issue of the Subscription Shares and thus a Connected Person. The Subscription Price was negotiated on an arm's length basis between the Company and the Subscriber and was determined with reference to the latest business performance and financial position of the Company etc., the Subscription price is same to closing price as quoted on the Stock Exchange on the Subscription Agreement, also a premium of approximately 9.56% to the average of the closing prices of approximately HK$2.51 per Share as quoted on the Stock Exchange for the last five consecutive trading days, indicates that the Subscribers have complete confidence in IGC.
To address the increasingly complex international environment and fluctuations in the capital markets, IGC believes it is necessary to collaborate with Shareholders who can provided stable and long-term companionship as the Company grows. Through equity financing, we aim to supply the Company's operations with a more stable source of funding. Since the beginning of this year, IGC has been undergoing strategic transformation and is steadily moving forward towards becoming a provider of AI trading technology solutions. It has successfully acquired Deep Neural Computing Company Limited, a leading R&D and application company specializing in artificial intelligence, deep neural networks, distributed computing, and quantitative trading algorithms. IGC has since expanded its technology-driven investment management business. The Subscription would raise additional funds for the business development of the Company, strengthen the financial position, broaden the shareholder and capital base of the Company so as to facilitate its future development.
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