Baylin Technologies Announces Proposed Amendment to its Convertible Debentures
TORONTO, March 11, 2021 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company") announced today that it will be seeking the approval of holders (the "holders") of its 6.5% Extendible Convertible Unsecured Debentures (the "Debentures") due July 10, 2023 (TSX:BYL.DB) to amend the conversion price of the Debentures (the "Amendment") at an extraordinary meeting of holders to be held on April 8, 2021.
The conversion price of the Debentures is currently $3.85, which is significantly higher than the current trading price of the common shares of the Company. The Amendment would change the conversion price to a price based on the current market price of the common shares at the time the Amendment becomes effective and remain in effect for 30 days. Holders would then have an opportunity to convert their Debentures during that 30-day period at the new conversion price.
The Amendment is also subject to approval by the TSX and the shareholders of the Company. If the Amendment is approved by holders of Debentures, the Company intends to seek approval of shareholders at its annual and special meeting of shareholders scheduled for May 11, 2021. Details regarding the meeting of holders of Debentures and the Amendment can be found in the Company's management information circular, which will be filed under the Company's profile on SEDAR at www.sedar.com and mailed to holders.
About Baylin
Baylin Technologies Inc. is a leading diversified global wireless technology company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio frequency products, terrestrial microwave products, and services. Baylin aspires to meet its customers' needs and anticipate the direction of the market. For further information, please visit www.baylintech.com.
SOURCE Baylin Technologies Inc.
Investor Relations: Kelly Myles, Marketing and Communications Director, Baylin Technologies Inc., [email protected]
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