CHANGE IN USE OF NET PROCEEDS Sample Clauses

CHANGE IN USE OF NET PROCEEDS. The Shares of the Company were listed on the Main Board of the Stock Exchange on 16 January 2020 and the Net Proceeds raised from the Global Offering was approximately HK$345.0 million, after deducting the underwriting fees and commissions and other estimated payable by the Company in relation to the Global Offering. As at the date of this announcement, the unutilisted Net Proceeds of approximately HK$304.8 million were deposited into the Group’s bank account. After due consideration on the current business environment and development needs of the Group, to faciliate effective allocation of the Group’s financial resources and with a view to capture potential investment opportunities, the Board has resolved to change the use of the unutilisted Net Proceeds such that approximately HK$224.5 million will be reallocated for the capital commitment required for the establishment of the Partnership with SHIVC Investment and Shanghai Innovital Technology.