On 26 February 2026, PuraPharm Corporation Limited (1498) entered into a convertible bonds subscription agreement for HK$20.00 million under the general mandate. According to the announcement, the subscriber will acquire bonds at a conversion price of HK$0.49 per share, representing a 46.27% premium over the HK$0.335 closing price on 26 February 2026. Up to 40.82 million shares (7.62% of the existing issued share capital) would be issued upon full conversion.

The bonds carry a 6% annual interest rate, payable each anniversary of the initial issue date, and mature two years from issuance, extendable by one year at the bondholder’s discretion. The net proceeds of HK$19.85 million are designated as follows: HK$10.00 million for general working capital, HK$5.00 million to repay existing bank loans, and the remainder for upgrading production facilities and research and development.

PuraPharm states that these bonds are expected to strengthen its capital structure without immediately diluting existing shareholders. The conversion shares will be issued under the general mandate. No separate listing of the bonds will be made on any exchange, but the company will apply for the listing of and permission to deal in the corresponding conversion shares on the Stock Exchange.