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ADJUSTMENTS TO THE EXERCISE PRICE AND NUMBER OF OUTSTANDING WARRANTS 2019 / 2024 OF EDUSPEC HOLDINGS BERHAD ("EDUSPEC" OR THE "COMPANY") ("WARRANTS B") IN ACCORDANCE WITH THE PROVISIONS OF THE DEED POLL DATED 6 SEPTEMBER 2019 CONSTITUTING THE WARRANTS B ("DEED POLL B") PURSUANT TO THE CONSOLIDATION OF EVERY 20 EXISTING ORDINARY SHARES IN EDUSPEC ("EDUSPEC SHARES" OR "SHARES") HELD AT 5.00 P.M. ON 24 MARCH 2023 ("ENTITLEMENT DATE") INTO 1 EDUSPEC SHARE ("CONSOLIDATED SHARE") ("SHARE CONSOLIDATION") ("ADJUSTMENTS")
Pursuant to the Adjustments, (i) the existing number of 275,453,358 Warrants B as at the Entitlement Date will be adjusted into 13,772,200 Warrants B (after disregarding the fractional entitlements arising from the Adjustments) which will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad on 27 March 2023; and (ii) the existing exercise price of Warrants B will be revised from RM0.10 to RM2.00 each. Further, in accordance with the provisions of the Deed Poll B, the Adjustments will take effect from 27 March 2023, being the next market day following the Entitlement Date. The notice to the holders of Warrants B (setting out the details of the Adjustments) will be despatched in due course. This announcement is dated 24 March 2023.