LKM

Link Motion Inc. American Depositary Shares, each representing five Class A common shares

0.1539
USD
-26.33%
0.1539
USD
-26.33%
0.1539 3.9400
52 weeks
52 weeks

Mkt Cap 13.53M

Shares Out 87.92M

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NQ Mobile Inc. Announces Private Placement of US$220 Million Convertible Notes

BEIJING, Sept. 27, 2016 /PRNewswire/ -- NQ Mobile (or the "Company"), a leading global provider of mobile internet services, today announced that Zhongzhi Hi-Tech Overseas Investment Ltd. ("Zhongzhi Hi-Tech") agreed to purchase an aggregate principal amount of US$220 million of convertible notes issued by the Company through a private placement (the "Transaction"). The convertible notes will bear interest at a rate of 8.0% per annum from the issuance date and mature in October 2018 (the "2018 Notes"). The convertible notes will be convertible, at the holder's option, into the Company's American depositary shares ("ADSs"), each representing five Class A common shares of the Company, at a conversion price of US$6.00 per ADS, which represents a 51.5% conversion premium over the closing trading price of US$3.96 per ADS on September 26, 2016. Pursuant to the 2018 Notes, Zhongzhi Hi-Tech is entitled to appoint a director to serve on the board of directors of the Company, subject to certain conditions. Zhongzhi Hi-Tech has informed the Company that it intends to nominate Ms. Joanne Yan Zhu, currently chairwoman of Zhongzhi Hi-Tech Investment, to serve as a director of the Company. The parties expect the Transaction to be closed within 10 business days. The Company plans to use the net proceeds from this private placement for the repayment of existing convertible notes and general corporate purposes.

Zhongzhi Hi-Tech is an overseas investment fund managed by Zhongzhi Hi-Tech Beijing Investment Co. ("ZHI"), an affiliate of Zhongzhi Enterprise Group ("ZEG") and a leading institutional investor in greater China which focuses on...


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