Ascent Bridge Limited’s Proposed Share Placement: A Potential Game Changer

Ascent Bridge Limited’s board has announced a significant development in the company’s financial strategy: the proposed placement of 17,414,446 new ordinary shares at S\$0.14 per share. This move received approval-in-principle from the Singapore Exchange Regulation Pte. Ltd. on December 13, 2024, marking a vital step forward for the company.

Key Details of the Share Placement

The proposed placement aims to introduce new shares to the Mainboard of the SGX-ST, subject to compliance with the Exchange’s listing requirements. The approval is contingent upon several undertakings and confirmations, including compliance with specific rules related to the use of proceeds and shareholder voting.

Implications for Shareholders

Shareholders should note that the approval-in-principle is not an endorsement of the placement itself or the company’s prospects. It is crucial for shareholders to understand that the completion of the placement is subject to certain conditions, and there is no assurance that it will proceed as planned.

Corrections to Previous Announcements

The company has issued a corrigendum to previous announcements regarding Hu Yidong’s deemed interest and shareholding percentage post-placement. The corrected figures indicate that Hu Yidong, who is the sole shareholder of Hoida International Limited, is deemed to have a significant interest through Eastern Billion Industries Limited.

Advisory to Investors

Investors are advised to exercise caution when trading shares of Ascent Bridge Limited. Given the potential impact of the proposed share placement on the company’s financial standing, changes to the terms or failure to complete the placement could affect share values. Shareholders are encouraged to consult with financial advisors to make informed decisions.

Future Announcements

The company has committed to providing timely updates on the progress of the proposed placement. Shareholders and potential investors should stay informed by following future announcements closely.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should perform their own research and consult with a professional advisor before making investment decisions.

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