Color Planet Technology (ADD.US) Announces Initial Premium Guarantee Convertible Note Pricing

The Zhitong Finance App learned that Color Planet Technology (ADD.US) said on Friday that it has signed securities purchase agreements with certain institutional investors to purchase advanced guaranteed convertible notes with a total principal amount of 7.6 million US dollars. The original issuance discount was 8%. The expiration date is 12 months from the date of issue, which will bring the company a net profit of about 7 million US dollars.

Convertible notes have an annual interest rate of 6% and can be converted to the company's Class A common stock 45 days after the initial delivery date. The initial conversion price is equal to $1.60 or the lower of the alternative conversion price specified in the convertible note.

The first delivery is expected to take place around September 30th.