Summary by Moomoo AI
United States Retail Holdings Limited (“US Retail”) announced on 28 May 2024 that it will issue 128,640,000 shares of new shares at HK$1.24 per share to settle a portion of outstanding notes issued on 30 June 2020 involving a total principal amount of approximately RMB145,000,000. The exchange shares represent approximately 0.27% of the existing issued share capital of US Retail and enjoy equal status with the issued shares. This issuance is not subject to shareholder approval pursuant to the General Mandate at the Annual General Meeting on September 21, 2023. Upon completion of the issue, U.S. Retail will be authorized to issue up to 9,423,847,839 shares of common stock. The impact of this issuance on the equity structure showed that the shareholding ratio of Mr. Wong and his consistent shareholders decreased slightly from 10.96% to 10.93%, while the shareholding of other public shareholders decreased from 89.04% to 88.80%. US Retail said the move was aimed at clearing part of the debt and would continue to negotiate on the remaining outstanding bonds.