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LONDON - Iconic Labs PLC (LSE:ICON) has announced the conversion of convertible notes into shares, a move that will expand its share capital with the addition of over two million ordinary shares. The conversion was initiated by Maximum Media Network, which exercised its rights to convert seven convertible notes into 2,023,121 ordinary shares at a conversion price of GBP 0.0173 per share.
The conversion, based on a notice dated May 29, 2025, involves the principal amount of £35,000. The new shares are expected to be admitted to trading on the London Stock Exchange (LON:LSEG)’s Main Market around June 5, 2025, and will rank equally with the existing ordinary shares.
Following this allotment, Iconic’s issued share capital will consist of 13,379,916 ordinary shares. Shareholders are advised to use this number as the denominator for calculating any changes in their shareholding percentage in relation to the company’s total voting rights. This is in line with the Financial Conduct Authority’s Disclosure Guidance & Transparency Rules.
This conversion of notes into shares represents a financial maneuver that adjusts the company’s capital structure and potentially dilutes the existing shares. However, it also reflects a cash-free method of servicing debt obligations for the company.
The information disclosed in this announcement is classified as inside information under the Market Abuse Regulation (EU) 596/2014 as it is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. This announcement is made in accordance with Iconic Labs’ obligations under Article 17 of the Market Abuse Regulation.
The press release statement is the source of the facts reported in this article.
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