Examples of Initial Conversion in a sentence
Pursuant to Section 4.3(b)(ii) of the Parent Certificate of Incorporation, Sponsor hereby irrevocably and unconditionally waives any adjustment to the Initial Conversion Ratio pursuant to Section 4.3(b)(ii) of the Parent Certificate of Incorporation that otherwise would result from the issuance of shares of Parent Class A Common Stock or equity-linked securities pursuant to the Crestview Subscription Agreement or the PIPE Subscription Agreements or otherwise in connection with the Closing (the “Waiver”).
Where the Company has converted money into a currency different from that of receipt (the “Initial Conversion”), the Signatory’s claim will be converted into that different currency at the actual rate of exchange used to effect such Initial Conversion.
On 31 December 2019 (after trading hours), the Company entered into the Amendment Agreement with the Bondholder pursuant to which the Company and the Bondholder have conditionally agreed to amend the conversion price under the Convertible Bonds from the Initial Conversion Price to the Adjusted Conversion Price.
Assuming a total of 312,000,000 Conversion Shares are issued upon exercise of Conversion Rights at the Initial Conversion Price, the net price per Conversion Share is HK$0.248.
Proposed Amendment Pursuant to the Amendment Agreement, the Company and the Bondholder conditionally agreed to amend the conversion price under the Convertible Bonds from the Initial Conversion Price of HK$2.50 per Conversion Share to the Adjusted Conversion Price of HK$0.80 per Conversion Share (the ‘‘Proposed Amendment’’) commencing from the Effective Date.
On 24 June 2020 (after trading hours), the Company entered into the Amendment Agreement with the Bondholder, pursuant to which, the Company and the Bondholder conditionally agreed to amend the conversion price under the Convertible Bonds from the Initial Conversion Price of HK$2.50 per Conversion Share to the Adjusted Conversion Price of HK$0.80 per Conversion Share.
As the Adjusted Conversion Price represents a less premium to the prevailing market price of the Shares when compared to the Initial Conversion Price, the chance of conversion of the Convertible Bonds is less remote.
Sponsor hereby waives, and agrees not to exercise, assert or claim, to the fullest extent permitted by applicable Law, the ability to adjust the Initial Conversion Ratio (as defined in the SPAC Charter) pursuant to Paragraph 17.3 of the SPAC Charter in connection with the Transactions.
Ranking: Senior unsecured Last Reported Sale Price on April 10, 2012: $16.53 Conversion Premium: 29.0% Initial Conversion Price: Approximately $21.32 Initial Conversion Rate: 46.8962 Use of Proceeds: We estimate that the net proceeds from this offering will be approximately $193.0 million (or approximately $222.0 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting fees and estimated expenses.
The initial Conversion Rate per $1,000 principal amount of the Note shall be equal to the product of (i) $1,000 divided by (ii) Initial Conversion Price (subject to adjustment as provided in this Article V, the “Conversion Rate”).