On June 29, 2026, GBA AI COMP (ASX: 01396) entered into a subscription agreement with a subscriber.

The company has conditionally agreed to allot and issue a total of 23,620,200 subscription shares, which represent approximately 1.51% of the company's existing issued share capital of 1.56 billion shares as of the announcement date, and about 1.49% of the enlarged issued share capital post-issuance, assuming no other changes in the issued shares between the announcement date and the completion of the subscription.

The subscription price is set at HK$11.75 per share.

This price represents a discount of approximately 10.03% to the average closing price of HK$13.06 per share over the five consecutive trading days immediately preceding the date of the subscription agreement.

It also represents a discount of approximately 18.40% to the closing price of HK$14.40 per share as quoted on the Stock Exchange on the date of the subscription agreement.

The subscriber has given an irrevocable and unconditional undertaking to the company regarding a lock-up period for the subscription shares, which will last for six months from the completion date.

The gross proceeds from the subscription are expected to be approximately HK$278 million.

After deducting expenses related to the subscription, the net proceeds are estimated to be around HK$277 million, equivalent to a net issue price of approximately HK$11.73 per subscription share.

Planned Use of Funds

The board of directors intends to allocate the net proceeds from the subscription towards the group's general working capital.

Specifically, approximately 85% is earmarked for a potential AI computing power cloud service project.

The remaining 15% is planned to be used for covering daily operational expenses.