Tiannai convertible bonds: conversion price unchanged after restricted share vesting

Jiangsu Cnano Technology has confirmed that the conversion price of its "Tiannai Convertible Bonds" will not be adjusted, remaining at CNY 99.09 per share. This decision follows the completion of the third vesting period for the restricted shares under the 2022 Restricted Stock Incentive Plan, which saw 15,895 shares granted to four incentive recipients at CNY 23.09 per share on November 19, 2025.

The company's total share capital slightly increased from 366,516,126 shares to 366,532,021 shares as a result of this vesting. However, calculations based on the company's convertible bond prospectus revealed that the impact of the newly issued shares on the overall share capital is minimal. The adjusted conversion price, calculated using the formula for new share issuance, also came out to CNY 99.09 per share.

Given the minor proportion of the vested restricted shares relative to the total share capital, the company concluded that no adjustment to the "Tiannai Convertible Bonds" conversion price is warranted. Investors seeking further details can refer to the company's prospectus for convertible bonds issued on January 25, 2022, available on the Shanghai Stock Exchange website.