Quali-Smart Holdings Limited announced that it has entered into a subscription agreement with existing investor, Benifit Global Limited for a private placement of 6% convertible notes due 2026 for gross proceeds of HKD 9,000,000 on May 8, 2023. The notes are issued at par value, unsecured and redeemable. The notes will carry a coupon of 6% per annum, payable quarterly.

The conversion price of HKD 0.081 per conversion share, a maximum of 111,111,111 conversion shares will be allotted and issued by the company upon exercise in full of the conversion rights attached to the convertible notes.