Cybernaut International Holdings (HKG:1020) entered into a termination agreement with China Solar Energy Group (HK) regarding the subscription of 200 million new shares of the company by the subscriber at HK$0.10 a piece, a Friday Hong Kong bourse filing said.
The 200 million new shares represented 4.99% of the entire issued share capital of the company and the net proceeds from the subscription would have raised HK$19.8 million for the company.
The company terminated the contract citing changes in market conditions and uncertain economic outlook and both parties have agreed to not have any claim against the other with reference to the terminated subscription agreement.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.