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Advanced Systems Automation Extends Deadline for SG$2 Million Debt-to-Equity Swap

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Advanced Systems Automation (SGX:WJ9) has signed a third supplemental agreement with Advance Opportunities Fund I to extend the deadline for fulfilling conditions precedent under a proposed debt-to-equity swap, according to a Tuesday filing with the Singapore Exchange.

The parties have agreed to push back the long stop date of Oct. 31.

Under the proposed swap deal, the semiconductor company intends to issue around 555.6 million new shares at SG$0.0036 apiece, with a view to converting about SG$2 million of debt owed to the fund into equity.

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