SMOORE INTL: EVE Battery plans to add a pledge of 331,200 shares held in a specific trust account

According to the announcement released by SMOORE INTL (06969) on the Zhitong Finance APP, it is related to the $350 million USD convertible bonds with collateral and guarantee due in 2026 issued by the controlling shareholder of the company, Huizhou EVE Energy Co., Ltd. (EVE Energy, stock code: 300014), and EVE Battery Investment Ltd. (EVE Battery), an indirect wholly-owned subsidiary of EVE Energy.

The bonds were issued on November 22, 2021. Depending on the issuer of the bonds (EVE Battery) exercising the right to redeem in cash, bondholders have the right to request EVE Battery and EVE Energy to deliver or cause to deliver the proportionate exchange property (exchange property, as defined in the terms and conditions of the bonds) when exercising their exchange rights for the bonds at an initial exchange price of HKD 46.58 per share of the company's stock (shares, as well as the initial exchange price). However, further adjustments may be made upon the occurrence of certain events listed in the terms and conditions.

As of the date of this announcement, the exchange property includes 60.5786 million shares pledged in a specific trust account.

The company has been informed by EVE Battery that the exchange property received a dividend from the company on June 19, 2024, which constitutes one of the events listed in the terms and conditions of the bonds. According to market practice, further adjustments are required for the exchange property. Therefore, EVE Battery intends to add a pledge of an additional 331,200 shares held in a specific trust account, which will subsequently become part of the exchange property. Upon completion of this additional pledge, the exchange property will include 60.9098 million shares, representing approximately 0.99% of the company's issued share capital as of the date of this announcement