Cleary Gottlieb represented iClick in the private placement of $30 million in aggregate principal amount of zero-coupon mandatory convertible notes due September 12, 2023, to a fund managed by LIM Advisors Ltd. in an offshore Regulation S transaction.
CLSA acted as the issuer’s exclusive financial advisor for the placement.
The notes will be convertible into the issuer’s ADSs. The conversion price will be calculated as an 8 percent discount to the lower of the VWAP of the ADSs over a certain period, or a fixed price of $8, subject to adjustments upon the occurrence of certain dilutive events. The transaction closed on September 12, 2018.
iClick is listed on the Nasdaq and is an independent online marketing and data technology platform that connects worldwide marketers with audiences in China. Its proprietary platform possesses omni-channel marketing capabilities and fulfills various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers reach their target audiences in China.