Fangdd Network Group Ltd. announced on February 11, 2025, that it entered into a securities purchase agreement for a US$5,000,000 senior convertible notes offering. The offering includes senior 5% original issue discount convertible promissory notes, Class A ordinary shares issuable upon conversion, and additional Class A ordinary shares.
The notes carry a 5% original issue discount and have a term of nine months from the original issuance date. No interest accrues unless an event of default occurs, in which case interest will accrue at a rate of 15% per annum.
Holders can convert their notes into Class A ordinary shares based on a conversion price that is the lower of a fixed price (130% of lowest daily VWAP before closing) or an alternative price (90% of lowest daily VWAP over ten trading days before conversion), with a floor price of US$0.11 per share. The net proceeds from this offering are intended for general corporate purposes, providing capital but also introducing potential future dilution through conversion.
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