Ev Dynamics (Holdings) Limited announced that it has entered into a subscription agreement with the investors for private placement of 2% redeemable convertible notes for HKD 200,000,000 on October 20, 2022. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd. The Convertible Notes comprise one tranche with an aggregate nominal value of HKD 200,000,000 with 40 equal sub-tranches of HKD 5,000,000 each.

The Convertible Notes will be issued by the Company under the Specific Mandate. The maximum number of Conversion Shares convertible under the Convertible Notes shall be 1,800,000,000 Conversion Shares, representing approximately 19.98% of the issued share capital of the Company as at the date of this announcement and approximately 16.65% of the issued share capital of the Company as enlarged by the issue of the Maximum Conversion Shares upon conversion of the Convertible Notes. The company will incur expenses of HKD 12,000,000 in the transaction and received net proceeds of HKD 188,000,000.

The company will pay an 6% administration fee to upon completion of each sub tranche. The transaction has been approved by the regulatory authority and shareholders. The notes will not be transferred in whole or part.