Piesat cuts "Hongtu" convertible bond price, suspends conversion

Piesat Information Technology (SSE: 688066) announced a downward revision of the conversion price for its "Hongtu Convertible Bonds" from 62.98 yuan per share to 40.94 yuan per share. The adjustment will be effective from February 17, 2025. As a result, conversion of the "Hongtu Convertible Bonds" will be suspended on February 14, 2025, and will resume on February 17, 2025. This decision comes after Piesat's stock triggered a clause allowing for a downward revision, as its closing price fell below 85% of the current conversion price for at least 15 out of 30 consecutive trading days. The decision was approved at both the board and shareholder meetings. Piesat retains the right to further adjust the conversion price if the trigger conditions are met again in the future.