Weimob announces results of early acceptance for conversion of 1.5% convertibles due 2025

Chicago, July 7 – Weimob Inc. announced the results of its early acceptance period for conversion of its $150 million 1.5% guaranteed convertible bonds due 2025, according to a notice.

There were $135.6 million of the convertibles outstanding when the offer started.

The company was offering an early cash incentive to bondholders who submitted irrevocable undertakings before noon ET on July 6.

The cash incentive to convert the bonds was $40 per $1,000 bond, which includes interest from the last interest payment date to the delivery date of the shares.

Accordingly, bondholders representing $116.7 million of the convertibles submitted conversion notices, which will be converted into 134,621,783 conversion shares at the conversion price of HK$6.72.

Under the terms of the bonds, Weimob has the option to issue a clean-up call if less than 10% of the principal amount originally issued is outstanding.

The proposed conversion offer will close at 11 a.m. ET on July 9. After that time, the company will make a final announcement.

The delivery date for the shares is July 16.

Credit Suisse was the dealer manager (list.projectgrow2020@credit-suisse.com).

Weimob is a Shanghai-based cloud-based commerce and marketing solutions provider.

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