Addvalue Technologies (SGX:A31) said its shareholders exercised the right to convert loan bonds and detachable warrants, according to a late Monday filing with the Singapore Exchange.

Shares of the communications technology developer were down 6% in Tuesday morning trade.

Between July 7 and July 8, the company received notice from bondholders seeking to convert bonds in the principal amount of SG$162,500 into 12.5 million shares at an exercise price of SG$0.013 per share.

During the same period, warrant holders exercised a total of 13,500,000 warrants into a similar number of shares at SG$0.013 per warrant share.

Pursuant to the exercise of the right to convert the bonds and warrants, a total of 26,000,000 shares were issued, which will be listed and quoted on or about July 17.