Beijing, August 30, 2022 /PRNewswire/ — iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or “we”) is a market-leading and innovative online entertainment service. Chinatoday announced that it has entered into definitive agreements with PAG Asia, PAG Pegasus and/or their affiliates (collectively, the ‘Investors’). Asiain accordance with this, the investor $500 million convertible bonds issued by us (“Bonds”); The Company has granted the Investor options that he is exercisable within two months from the closing date of the transaction. $50 million Under the same conditions, of note. The transaction is expected to close in the fourth quarter of 2022, subject to closing conditions.
The bonds bear an annual interest rate of 6% and mature five years after the date of issuance. The Notes are convertible into the Company’s American Depositary Shares, each currently representing 7 shares of the Company’s Class A Common Stock, at a conversion premium of 20% of the volume-weighted average price, subject to the holder’s choice and the terms of the Notes. . of the previous 20 trading days, August 29, 2022The holders of the Notes require the Company to redeem all or part of the Notes for cash at redemption prices equal to 120% and 130% of the principal amount of the Notes after three years from issuance or shortly thereafter. I reserve the right. 5th anniversary from the date of issue. The holders also have the right to require the Company to repurchase all or part of the Notes for cash in the event of certain fundamental changes. Upon completion of the transaction and the satisfaction of certain conditions, PAG Asia shall have the right to appoint one of her members to our Board of Directors.
The issuance of securities pursuant to such transactions is exempt from registration under the Securities Act of 1933 (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act on public offerings and transactions not involving public offerings. Offshore trading under Regulation S under the U.S. Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor does it constitute an offer, solicitation or sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful. is not intended to
About iQIYI Inc.
iQIYI, Inc. is a market leading innovative online entertainment service. ChinaIts corporate DNA combines creative talent with technology to foster an environment for continuous innovation and blockbuster content production. We produce, aggregate and distribute a wide variety of Professionally Produced Content (PPC) and a wide range of other video content in various formats. We stand out in the online entertainment industry with our cutting-edge technology platform powered by advanced AI, big data analytics, and other core proprietary technologies. iQIYI has attracted a large user base with tremendous user engagement, and diversified monetization such as membership services, online advertising services, content distribution, online games, live broadcasts, IP licensing, talent agencies, and online literature. I am developing a model.
safe harbor declaration
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. “intend”, “plan”, “believe”, “estimate”, “believe” and similar statements. iQIYI also makes no representations, whether written or oral, in its periodic reports to the U.S. Securities and Exchange Commission, annual reports to shareholders, press releases and other written materials, and oral statements by its officers, directors, or employees. may make forward-looking statements. third party. Statements that are not historical facts, including without limitation statements regarding iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding this is contained in our filings with the Securities and Exchange Commission. All information in this press release is current as of the date of the press release and iQIYI undertakes no obligation to update such information, except as required by applicable law.
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