NaaS Technology Inc., the first U.S. listed EV charging service company in China, announced that it entered into a convertible note purchase agreement with LMR Partners Limited (the "Investor" or "LMR"), a global multi-strategy investment fund, pursuant to which the Investor will purchase from the Company a convertible note with a principal amount of US$30 million, convertible into American depositary shares ("ADSs") representing the Company's ordinary shares. Concurrently, the Company and the Investor entered into a derivative arrangement with respect to the ADSs.
The transaction is subject to customary closing conditions and the closing is expected to take place in the near future. The convertible note has a 363-day term and interest will be payable on a quarterly basis. Subject to certain conditions, the Investor may purchase from the Company an additional convertible note with a principal amount of US$25 million and with substantially similar terms.
"We are excited to welcome LMR as our new investor and are grateful for their endorsement of our efforts to propel the electrification of China's transportation industry," said Mr. Alex Wu, NaaS' president and chief financial officer.
The issuance of the securities is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and is made in reliance on, and in compliance with, Regulation S under the Securities Act.
