NaaS enters convertible note purchase agreement with LMR partners
NaaS Technology Inc., the first U.S. listed electric vehicle (EV) charging service company in China, announced today that it has entered into a convertible note purchase agreement with LMR Partners Limited, a global multi-strategy investment fund. Under the agreement, LMR will invest $US30 million in NaaS by purchasing a convertible note, which can be converted into American depositary shares (ADSs) representing the Company’s ordinary shares. Additionally, NaaS and LMR have entered a derivative arrangement related to the ADSs.
The closing of the transaction is subject to customary conditions and is expected to take place soon. The convertible note has a term of 363 days, and interest will be paid quarterly. Depending on certain conditions, LMR has the option to purchase an additional convertible note worth $US25 million, with terms like the initial investment.
Mr. Alex Wu, President, and Chief Financial Officer of NaaS, expressed enthusiasm about the new investment and emphasized its significance in driving the electrification of China’s transportation industry. He welcomed LMR as a new investor and expressed gratitude for their endorsement of NaaS’ efforts.
The issuance of these securities falls under an exemption from registration under the Securities Act of 1933, as amended, and complies with Regulation S under the Securities Act.
NaaS Technology aims to utilize the investment from LMR Partners to further expand its EV charging services in China, capitalizing on the growing demand for electric vehicles in the country. This strategic partnership will strengthen NaaS’ position in the market and support its mission to promote sustainable transportation solutions.
