mm2 All Asia plans to sell shares to raise RMB 14 million to repay debts and raise working capital

The selling price per share of this batch of new shares will be 0.008 yuan (the minimum selling price) or the trading volume weighted average price 30 trading days before the private placement plan is approved by shareholders (the number of shares issued is RMB 15 million divided by this selling price), which is considered high. The lowest selling price is 14.3% higher than the closing price of mm2 in Asia on Friday.

The mainboard video production company revealed on Friday (July 4) evening that it plans to privately allocate new shares worth 15 million yuan. Based on the minimum selling price per share of 0.008 yuan, the number of new shares issued can reach 1.875 billion shares, accounting for 28.7% of the existing share capital (6.535.64 million shares) and 22.3% of the expanded share capital (8.410.64 million shares).

mm2's stock price fell 12.5% ​​on Friday and closed at 0.007 yuan.

After deducting expenses, the net funds from the allotment of this batch of new shares were RMB 14 million, of which RMB 7.5 million was used to repay debts, and the remaining RMB 6.5 million was used as working capital. It said the private sale of shares was "part of the company's continued efforts to strengthen its financial position" and would also improve cash flow.

mm2 All Asia, which operates Cathay Cineplex, plans to privately allocate new shares to raise about RMB 14 million in net funds to repay debts and as working capital. This will strengthen its financial and improve its cash flow position.

mm2 All Asia will hold a special shareholders' meeting to seek shareholder approval to carry out this private stock allocation plan. The institution responsible for allocating stocks is Dahua Jixian.

mm2 Quanya Film and Television Entertainment just revealed on July 2 that Cathay Pacific Cinema was recovered by the owner for rent due to arrears of rent.