OFA Group cuts preferred conversion floor price to $0.20 from $2.00 per share
OFA Group reduced the floor price on its Series A Convertible Preferred Shares from $2.00 to $0.20 per Class A Ordinary Share, which increases the number of shares issuable on conversion. The company also sold additional preferred shares to TriCore, Greentree and L&H under its Purchase Agreement, and the floor price change takes effect only after Nasdaq notification, a 15-day waiting period, share reservation and Cayman Islands approvals. Shareholders face a larger potential share count from these conversions, and TriCore is an affiliate controlled by CEO Li Hsien "Larry" Wong.
Key points
- Floor price reduced from $2.00 to $0.20 per Class A Ordinary Share, with a further automatic reduction scheduled for December 29, 2026
- L&H agreed to buy 300 Series A Preferred Shares for $270,000, with the shares to be issued after the Effective Time, which must occur by November 30, 2026
- Sales under the Purchase Agreement: 262 shares to TriCore for $235,800 on July 30, 2026, and 111 shares to Greentree for $99,900 on August 3, 2026
- Preferred shares convert at the lesser of the fixed conversion price and 90% of the lowest ten-day VWAP, subject to the Floor Price
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.