WuXi AppTec (HKG:2359) will lower the conversion price of its $500 million zero-coupon convertible bonds due 2025, according to a Friday filing with the Hong Kong Exchange.
As a result of shareholders' approval of the 2024 profit distribution and 2025 special dividend, the conversion price will drop from HK$80.02 to HK$78.28 per H Share, effective May 24.
This adjustment increases the potential convertible shares from about 48.5 million to 49.6 million, representing roughly 12.81% of current issued shares and 11.36% after full conversion.
Shares of the pharma company were down about 3% at market close on Monday.
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