UCLOUDLINK GROUP INC. Announces Early Redemption of Convertible Debenture

Rhea-AI Summary

UCLOUDLINK GROUP INC. (NASDAQ: UCL) announced a privately negotiated transaction to redeem $1,000,000 principal amount of its convertible debentures for a total of $1,053,384, including interest. Following this transaction, the company has eliminated all outstanding convertible debentures. UCLOUDLINK, known for being the first mobile data traffic sharing marketplace, boasts 244,686,120 Class A and 122,072,980 Class B ordinary shares outstanding. The firm continues to leverage its innovative cloud SIM technology to enhance connectivity services globally.

Positive

• Redemption of $1,000,000 of convertible debentures eliminates outstanding debt.
• Maintains a strong share structure with 244,686,120 Class A and 122,072,980 Class B shares.

Negative

• None.

HONG KONG, Oct. 28, 2022 (GLOBE NEWSWIRE) -- UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, today announced that it has conducted a privately negotiated transaction with the holder of its existing convertible debenture issued on January 6, 2022 (the “Convertible Debentures”) to redeem US$1,000,000 principal amount of the Convertible Debentures for an aggregate redemption amount of US$1,053,384, including accrued and unpaid interest. The holder of the Convertible Debentures has, from time to time, converted all of the remaining amount of the Convertible Debentures. Following the redemption, the Company has nil outstanding amount of the Convertible Debentures. The Company currently has 244,686,120 Class A ordinary shares and 122,072,980 Class B ordinary shares outstanding.

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the financial guidance and quotations from management in this announcement, as well as UCLOUDLINK’s strategic and operational plans, contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UCLOUDLINK’s strategies; UCLOUDLINK’s future business development, financial condition and results of operations; UCLOUDLINK’s ability to increase its user base and usage of its mobile data connectivity services, and improve operational efficiency; competition in the global mobile data connectivity service industry; changes in UCLOUDLINK’s revenues, costs or expenditures; governmental policies and regulations relating to the global mobile data connectivity service industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic to UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and UCLOUDLINK undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

UCLOUDLINK GROUP INC.
Jillian Zeng
Tel: +852-2180-6111
E-mail: ir@ucloudlink.com

Investor Relations:
The Equity Group Inc.
Alice Zhang, Investor Relations Analyst
Tel: +1-212-836-9610
E-mail: azhang@equityny.com

In China:
Lucy Ma, Associate
Tel: +86 10 5661 7012
E-mail: lma@equityny.com

FAQ

What recent transaction did UCLOUDLINK GROUP INC. announce?

UCLOUDLINK announced the redemption of $1,000,000 principal amount of its convertible debentures for a total of $1,053,384.

What is the current status of UCLOUDLINK's convertible debentures?

After the recent transaction, UCLOUDLINK has no outstanding convertible debentures.

How many shares does UCLOUDLINK GROUP INC. have outstanding?

UCLOUDLINK currently has 244,686,120 Class A ordinary shares and 122,072,980 Class B ordinary shares outstanding.

What is UCLOUDLINK known for?

UCLOUDLINK is recognized as the world's first mobile data traffic sharing marketplace.

Does UCLOUDLINK have any outstanding convertible debentures?

No, following the redemption, UCLOUDLINK has eliminated all outstanding convertible debentures.