On July 20, 2021, the Board of Directors of the Company approved the issuance of 540,983,008 new shares (the “Convertible Loan Shares”) in favor of Convertible Notes Holders that exercised their rights to convert their outstanding receivables, comprised of principal and accrued interest, to new shares of the Company at a price of Php0.70 per share. The total amount converted is Php378,688,107.56, comprised of Php354,000,000.00 in principal and Php24,688,107.56 in accrued interest.

On March 22, 2022, the Securities and Exchange Commission approved the issuance of the 540,983,008 common shares arising from the conversion of debt that was approved by the Board of Directors on July 20, 2021. The stock certificates for the 540,983,008 shares were issued by the Stock Transfer Agent and recorded in the transfer books on March 31, 2022

Change in Number of Issued and_or Outstanding Shares.pdf – Google Drive