Lingyi iTech cancels stock options, initiates convertible bond redemption

Lingyi iTech (Guangdong) Company announced the cancellation of 19,106,000 stock options from its 2024 stock option incentive plan, reducing outstanding options to 169,504,000 and the number of incentive recipients from 1,410 to 1,307. This cancellation, effective September 11, 2025, resulted from 103 employees leaving the company and 98 failing to meet performance criteria for the first exercise period.

Concurrently, the company triggered the conditional early redemption of its "Lingyi Convertible Bonds." The stock price for 15 out of 30 consecutive trading days from August 19, 2025, to September 8, 2025, was not less than 130% of the current conversion price (RMB 11.87/share). The redemption price is set at RMB 100.181 per bond, including accrued interest.

The "Lingyi Convertible Bonds" will cease trading on October 10, 2025, and stop converting to shares on October 15, 2025. The redemption date is October 15, 2025, with redemption funds reaching investors by October 22, 2025. Bondholders are advised to convert their bonds before the stop conversion date to avoid mandatory redemption.