On November 26, Grace News reported that imotionautotech (01274.HK) announced that on November 25, 2024, the company entered into a placing agreement with the placing agent (namely Guotai Junan International), under which the placing agent conditionally agreed to use its best efforts to ensure that no fewer than six placees (together with their respective ultimate beneficial owners who will be independent third parties) will buy a maximum of 4.427 million shares of placed shares at a placing price of HK$17.58 per share.
Assuming all placed shares are fully allocated, the placed shares will account for approximately 1.96% of the company's issued share capital as at the date of this announcement, and approximately 1.92% of the expanded share capital after the placement and issue of the placed shares. In accordance with the placing agreement, the placed shares to be placed will be issued and placed under general mandate, therefore shareholder approval is not further required for the placing matters.
Assuming all placed shares are fully allocated, the estimated net proceeds from the placing matters are expected to be approximately HK$73.28 million. The company intends to use the estimated net proceeds from the placing matters for (i) enhancing the development of advanced intelligent driving, cockpit integrated solutions, and products, (ii) related capital expenditures for enhancing research and development facilities and production facilities, (iii) expanding overseas sales and service networks, and (iv) working capital and general corporate purposes.
