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Beijing, August 30, 2022 /PRNewswire/ — iQIYI (Nasdaq: IQ) (“iQIYI” or the “Company”), an innovative, market-leading online entertainment service Chinatoday announced that the Company has entered into a definitive agreement with PAG Asia, PAG Pegasus and/or their affiliates (collectively, the “Investors”), a leading investment firm. Asiaaccordingly, investors will subscribe for a total of $500 million Convertible Notes (“Notes”) to be issued by the Company.The company has granted investors an option, exercisable within two months from the closing date of the transaction, to subscribe for up to a maximum of $50 million Notes, under the same terms and conditions. Subject to closing conditions, the transaction is expected to close in the fourth quarter of 2022.
The notes bear an annual interest rate of 6% and mature on the fifth anniversary of the issue date. The Notes are convertible, at the holder’s option and in accordance with the terms of the Notes, into American Depositary Shares of the Company, each currently representing seven Class A ordinary shares of the Company, at a conversion premium of 20% over the volume-weighted average price prior to 20%. trading days, including: August 29, 2022. Noteholders have the right to request the Company to repurchase all or part of the notes in cash on or shortly after the third anniversary of the issuance, at a repurchase price equivalent to 120% and 130% of the principal of the notes and the fifth anniversary of the issuance date. Holders are also entitled to require the company to repurchase all or part of the notes in cash if certain fundamental changes occur. Upon completion of the transaction and the satisfaction of certain conditions, Pacific Alliance Asia has the right to appoint a member to the board of directors of the Company.
Pursuant to Section 4(a)(2) of the Securities Act regarding offshore transactions not involving public offerings and in reliance on Regulation S of the Securities Act. This press release does not constitute an offer to sell or an offer to buy the securities described herein, nor does it constitute an offer to sell these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful.
About iQIYI
iQIYI, Inc. is an innovative, market-leading online entertainment services company. China. Its corporate DNA combines creative talent with technology to create an environment for continuous innovation and blockbuster content production. We produce, aggregate and distribute a wide variety of professionally produced content or PPC, as well as a wide range of other video content in various formats. The company is unique in the online entertainment industry with a leading technology platform supported by advanced artificial intelligence, big data analytics and other core proprietary technologies. iQIYI has attracted a huge user base with huge user participation, and has formed a diversified monetization model such as membership services, online advertising services, content distribution, online games, live broadcasting, IP authorization, talent agency, and online literature.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “will,” “expects,” “anticipates,” “future,” and the like. “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. iQIYI may also make written or oral forward-looking statements 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 made by its officers, directors or employees representations to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding these is included in the company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and iQIYI undertakes no obligation to update such information unless required by applicable law.
For more information, please contact:
Investor Relations
iQIYI, Inc.
+86 10 8264 6585
[email protected]
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