Troops (TROO) said Wednesday its Giant Connection unit signed a letter of intent with Jupiter Stone to buy a 49% stake in Y Concept, which is the parent company of The Cara Hotel in Malaysia.
Troops will pay for the acquisition using convertible notes, valued at 80% of either the closing share price at signing or the average closing price over the last 60 trading days, whichever is lower, the company said.
The agreement gives Jupiter Stone the option to sell the remaining 51% interest at a later date, and Troops has the right to repurchase the shares at the current market price, it said.
The deal is subject to due diligence, regulatory approvals, board approvals, and no significant adverse changes at Y Concept, according to the company.
Price: 0.94, Change: +0.01, Percent Change: +0.54
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.