NaaS Technology Raises $30M Via Debt Offering

NaaS Technology Inc NAAS has entered into a convertible note purchase agreement with a multi-strategy investment fund, LMR Partners Limited.

The Investor will purchase a convertible note with a principal amount of $30 million, convertible into American depositary shares.

Concurrently, the parties entered into a derivative arrangement with respect to the American depositary shares (ADS).

The convertible note has a 363-day term and interest will be payable on a quarterly basis. 

"We are excited to welcome LMR as our new investor and are grateful for their endorsement of our efforts to propel the electrification of China's transportation industry," said NaaS' president and CFO Alex Wu.

Price Action: NAAS shares closed higher by 6.10% at $5.39 on Thursday.