We wish to announce that TOPGLOV-C2X had expired at 9.00 a.m. on 3 July 2023 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of TOPGLOV-C2X exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of TOPGLOV-C2X exercised x (1/2) x (RM0.8317 - RM1.0800) 
= Number of TOPGLOV-C2X exercised x RM0.0000 

The Closing Price of RM0.8317 is the average daily volume weighted average price (VWAP) of the ordinary shares of TOPGLOV on Bursa Malaysia Securities Berhad for the five (5) market days prior to and including the market day immediately before the Expiry Date. The TOPGLOV-C2X is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised TOPGLOV-C2X will cease to be valid and all our obligations in respect to TOPGLOV-C2X shall terminate absolutely.

This announcement is dated 3 July 2023.