Latest news with #convertibleNotes
Forbes
01-07-2025
- Business
- Forbes
Why The 50% Rise In SMCI?
CHONGQING, CHINA - MAY 04: In this photo illustration, the logo of Super Micro Computer, Inc. ... More (Supermicro) is displayed on a smartphone screen, with the company's branding visible in the background, on May 04, 2025, in Chongqing, China. (Photo illustration by) Super Micro Computer stock (NASDAQ:SMCI) surged nearly 10% in last week's trading and is up approximately 58% year-to-date. What is behind the recent gains? Although there have not been many stock-specific catalysts lately, the broader markets have experienced gains following reports of potential renewed discussions with Iran, which indicates a possible easing following recent airstrikes. This geopolitical alleviation may facilitate smoother global supply chains, which are vital for booming sectors like AI and data center infrastructure, both currently witnessing robust demand and ongoing investment. Super Micro has recently revealed intentions to issue $2 billion in convertible notes that will mature in 2030. While this could potentially dilute existing shareholders, the issuance is expected to enhance the company's liquidity as it accelerates capacity expansion to satisfy increasing demand. Other long-term trends are also influencing the stock. Super Micro's server products have consistently been closely connected to Nvidia's GPU ecosystem and roadmap. The company has generally been quicker than its competitors to provide server systems that accommodate Nvidia's latest releases due to its modular system designs, advanced cooling and power systems, and close collaboration with Nvidia regarding software and hardware integration. This positions SMCI to gain disproportionately as Nvidia's Blackwell-based systems grow. The company plays a crucial role as a supplier of custom, high-density GPU servers for Nvidia's data center clients. So, is SMCI stock appealing after the recent surge? We believe SMCI stock appears fairly valued at its current market price of $47.50, though some concerns persist. Our assessment comes by comparing the current valuation of SMCI stock with its operational performance over recent years, along with its current and historical financial status. Our evaluation of Super Micro Computer across key metrics such as Growth, Profitability, Financial Stability, and Downturn Resilience reveals that the company maintains a strong operating performance and financial status, as detailed below. That said, if you are looking for upside with lower volatility than individual stocks, the Trefis High Quality portfolio offers an alternative that has outperformed the S&P 500, providing returns exceeding 91% since its inception. How Does Super Micro Computer's Valuation Compare to The S&P 500? Based on the price you pay per dollar of sales or profit, SMCI stock appears slightly undervalued in relation to the broader market. • Super Micro Computer possesses a price-to-sales (P/S) ratio of 1.4 compared to a figure of 3.1 for the S&P 500 • Furthermore, the company's price-to-free cash flow (P/FCF) ratio stands at 990.2 in contrast with 20.9 for the S&P 500 • Additionally, it has a price-to-earnings (P/E) ratio of 25.4 versus the benchmark's 26.9 How Have Super Micro Computer's Revenues Grown Recently? Super Micro Computer's revenues have experienced significant growth in recent years. • Super Micro Computer has recorded an average revenue growth rate of 68.1% over the past three years (compared with a 5.5% increase for the S&P 500) • Its revenues have increased by 82.5% from $12 billion to $22 billion in the last 12 months (compared to a growth of 5.5% for the S&P 500) • Moreover, its quarterly revenues grew by 19.5% to $4.6 billion in the most recent quarter from $3.9 billion a year ago (versus a 4.8% rise for the S&P 500) How Profitable Is Super Micro Computer? Super Micro Computer's profit margins are significantly lower than most companies in the Trefis coverage universe. • Super Micro Computer's Operating Income over the previous four quarters reached $1.3 billion, which marks a poor Operating Margin of 6.1% • SMCI's Operating Cash Flow (OCF) during this timeframe was $148 million, indicating a very low OCF Margin of 0.7% (compared to 14.9% for the S&P 500) • For the last four quarters, SMCI's Net Income was $1.2 billion—showing a low Net Income Margin of 5.3% (relative to 11.6% for the S&P 500) Does Super Micro Computer Exhibit Financial Stability? Super Micro Computer's balance sheet appears strong. • Super Micro Computer's Debt stood at $2.5 billion at the end of the most recent quarter, while its market capitalization is $28 billion (as of 6/28/2025). This indicates a strong Debt-to-Equity Ratio of 8.6% (in contrast with 19.4% for the S&P 500). [Note: A lower Debt-to-Equity Ratio is preferable] • Cash (including cash equivalents) constitutes $2.5 billion of the total $11 billion in Total Assets for Super Micro Computer. This gives a strong Cash-to-Assets Ratio of 23.6%. How Resilient Is SMCI Stock During A Downturn? SMCI stock has demonstrated greater resilience than the benchmark S&P 500 index during some recent downturns. As investors hope for a soft landing in the U.S. economy, how severe could it become if another recession occurs? Our dashboard How Low Can Stocks Go During A Market Crash illustrates how key stocks performed during and after the last six market crashes. • SMCI stock declined 34.5% from a peak of $35.33 on 7 August 2023 to $23.15 on 21 September 2023, in contrast to a peak-to-trough decline of 25.4% for the S&P 500 • The stock fully recovered to its pre-Crisis peak by 19 January 2024 • Since that time, the stock surged to a peak of $118.81 on 13 March 2024 and is currently trading at around $48 • SMCI stock dropped 45.8% from a high of $2.95 on 5 February 2020 to $1.60 on 18 March 2020, compared to a peak-to-trough decline of 33.9% for the S&P 500 • The stock fully recovered to its pre-Crisis peak by 8 June 2020 • SMCI stock decreased 66.3% from a peak of $1.14 on 5 June 2007 to $0.39 on 13 November 2008, as opposed to a peak-to-trough decline of 56.8% for the S&P 500 • The stock fully recovered to its pre-Crisis peak by 22 December 2009 Putting All The Pieces Together: What It Means For SMCI Stock In conclusion, Super Micro Computer's performance across the aforementioned parameters is as follows: • Growth: Extremely Strong • Profitability: Very Weak • Financial Stability: Very Strong • Downturn Resilience: Strong • Overall: Strong This aligns with the stock's moderate valuation, which leads us to believe it is fairly priced, supporting our assessment that SMCI is an ambivalent stock to buy. Putting All The Pieces Together: What It Means For SMCI Stock Super Micro Computer displays a mixed fundamental profile. On one hand, its growth is exceptionally strong and its financial stability remains positive, with the company also demonstrating resilience during downturns. However, profitability is a significant shortcoming. Margins considerably trail those of competitors and have been decreasing. Adding to investor worries are corporate governance concerns, including previous allegations of accounting irregularities, SEC filing delays, and scrutiny from short-sellers. Despite the company's efforts to address these issues, caution is advisable when considering SMCI stock. While it seems that there may not be much upside to SMCI stock at present, the Trefis Reinforced Value (RV) Portfolio has surpassed its all-cap stocks benchmark (a combination of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices) to deliver strong returns for investors. What is the reason? The quarterly rebalanced mix of large-, mid-, and small-cap RV Portfolio stocks offered a flexible approach to capitalize on favorable market conditions while minimizing losses during downturns, as detailed in RV Portfolio performance metrics.
Associated Press
30-06-2025
- Business
- Associated Press
Zscaler Announces Proposed Offering of $1.5 Billion of Convertible Senior Notes Due 2028
SAN JOSE, Calif., June 30, 2025 (GLOBE NEWSWIRE) -- Zscaler, Inc. (Nasdaq: ZS) today announced that it intends to offer $1.5 billion aggregate principal amount of its convertible senior notes due 2028 (the 'notes') in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'). Zscaler also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $225 million aggregate principal amount of notes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The notes will be senior unsecured obligations of Zscaler and will accrue interest payable semiannually in arrears. The notes will mature on July 15, 2028, unless earlier converted or repurchased and will be convertible under certain circumstances into cash, shares of Zscaler's common stock or a combination of cash and shares of Zscaler's common stock, at Zscaler's election. The interest rate, initial conversion rate, repurchase rights and other terms of the notes will be determined at the time of pricing of the offering. Zscaler intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions described below. Zscaler intends to use the remainder of the net proceeds for general corporate purposes, which may include working capital, capital expenditures, and potential acquisitions and strategic transactions. Further, in connection with the pricing of the notes, Zscaler expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (the 'option counterparties'). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Zscaler's common stock that will initially underlie the notes. The capped call transactions are expected generally to reduce the potential dilution to Zscaler's common stock upon any conversion of notes and/or offset any cash payments Zscaler is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Zscaler expects to enter into additional capped call transactions with the option counterparties. Zscaler has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates may purchase shares of Zscaler's common stock and/or enter into various derivative transactions with respect to Zscaler's common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Zscaler's common stock or the notes at that time. In addition, Zscaler has been advised that the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Zscaler's common stock and/or purchasing or selling Zscaler's common stock or other securities of Zscaler in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the observation period related to a conversion of the notes, in connection with any fundamental change repurchase of the notes, and to the extent Zscaler unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of Zscaler's common stock or the notes, which could affect the ability of noteholders to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that a noteholder will receive upon conversion of its notes. The notes will be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Neither the notes, nor any shares of Zscaler's common stock issuable upon conversion of the notes, have been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events. In some cases, you can identify forward-looking statements because they contain words such as 'believe,' 'may,' 'will,' 'potentially,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'could,' 'would,' 'project,' 'plan,' or 'expect,' or the negative of these words, or other similar terms or expressions that concern Zscaler's expectations, strategy, plans, or intentions. Forward-looking statements in this release include, but are not limited to, statements concerning the proposed terms of the notes, capped call transactions and repurchase or early conversion of the notes, exercise of the purchasers option to purchase additional notes, and the anticipated use of proceeds from the offering. Zscaler's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Zscaler's filings with the Securities and Exchange Commission, including Zscaler's Quarterly Report on Form 10-Q filed on May 29, 2025. The forward-looking statements in this release are based on information available to Zscaler as of the date hereof, and Zscaler disclaims any obligation to update any forward-looking statements, except as required by law. Investor Relations Contact: Ashwin Kesireddy Vice President, Investor Relations & Strategic Finance [email protected] Media Contact: Nick Gonzalez, Sr. Manager, Media Relations [email protected]
Yahoo
24-06-2025
- Business
- Yahoo
MakeMyTrip closes $1.25bn offering of convertible senior notes due 2030
Online travel company MakeMyTrip has closed its offering of $1.25bn in convertible senior notes due 2030. The business also announced the full exercise of the option to purchase an additional $187.5m of the notes, culminating in a significant funding exercise for the company. It has also completed a public offering of 16 million ordinary shares at $90 each, with underwriters fully exercising their option to acquire an additional 2.4 million shares. After accounting for discounts and estimated expenses, MakeMyTrip received net proceeds of approximately $1.41bn from the notes offering. The net proceeds from both the notes offering and the equity offering are earmarked for the repurchase of Class B ordinary shares from Group. The notes, which are senior unsecured obligations, will be convertible into ordinary shares of MakeMyTrip at the holders' discretion, at a rate of 8.2305 shares per $1,000 principal amount. This conversion rate is subject to adjustments based on specific conditions. MakeMyTrip has set a conversion premium of around 35% above the public offering price of the ordinary shares. The company retains the right to redeem the notes for cash after 10 July 2028, under certain conditions, including the tradability of the notes and the company's share price performance. Additionally, a 'Cleanup Redemption' can be initiated if less than 10% of the aggregate principal number of notes remains outstanding. Holders of the notes are granted the right to compel the company to repurchase their notes for cash on 3 July 2028, or upon the occurrence of a fundamental change, under specific terms. "MakeMyTrip closes $1.25bn offering of convertible senior notes due 2030" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
24-06-2025
- Business
- Yahoo
Supermicro Announces Proposed Offering of $2.0 Billion of Convertible Senior Notes due 2030
SAN JOSE, Calif., June 23, 2025--(BUSINESS WIRE)--Super Micro Computer, Inc. (NASDAQ: SMCI) ("Supermicro" or the "Company"), a Total IT Solution Manufacturer for AI, Cloud, Storage, and 5G/Edge, today announced that it intends to offer, subject to market conditions and other factors, $2.0 billion aggregate principal amount of convertible senior notes due 2030 (the "Convertible Notes"). The Convertible Notes are to be offered and sold to persons reasonably believed to be "qualified institutional buyers" pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The Company also expects to grant an option to the initial purchasers to purchase up to an additional $300.0 million aggregate principal amount of the Convertible Notes within a 13-day period from, and including, the date the Convertible Notes are first issued. The Convertible Notes will be senior, unsecured obligations of the Company and will accrue interest payable semi-annually in arrears. The Convertible Notes will mature on June 15, 2030, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding December 17, 2029, the Convertible Notes will be convertible only upon the satisfaction of certain conditions and during certain periods, and on and after December 17, 2029, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, the Convertible Notes will be convertible regardless of these conditions. The Company will settle conversions by paying or delivering, as applicable, cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock at the Company's election. The initial conversion rate, interest rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes. In connection with the pricing of the Convertible Notes, the Company expects to enter into privately negotiated capped call transactions with one or more financial institutions which may include one or more of the initial purchasers or their affiliates (the "option counterparties"). If the initial purchasers exercise their option to purchase additional Convertible Notes, the Company expects to enter into additional capped call transactions with the option counterparties. The capped call transactions are expected generally to reduce the potential dilution to the Company's common stock upon conversion of the Convertible Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of the Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the Company's common stock and/or purchase shares of the Company's common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Company's common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Company's common stock and/or purchasing or selling the Company's common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so during any observation period related to a conversion of the Convertible Notes or following any repurchase of the Convertible Notes by the Company to the extent the Company elects to unwind a corresponding portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or a decrease in the market price of the Company's common stock or the Convertible Notes, which could affect noteholders' ability to convert the Convertible Notes, and, to the extent the activity occurs during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the Convertible Notes. The Company expects to use a portion of net proceeds of the offering to fund the cost of entering into the capped call transactions. The Company intends to use up to $200.0 million of the net proceeds to repurchase shares of its common stock from purchasers of the Convertible Notes concurrently with the pricing of the offering in privately negotiated transactions effected through one of the initial purchasers of the Convertible Notes or its affiliate, as the Company's agent. The Company intends to use the remainder of the net proceeds from the offering for general corporate purposes, including to fund working capital for growth and business expansion. If the initial purchasers exercise their option to purchase additional Convertible Notes, the Company intends to use a portion of the net proceeds from the sale of additional Convertible Notes to fund the cost of entering into additional capped call transactions. This press release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes or the shares of the Company's common stock issuable upon conversion of the Convertible Notes, if any, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offer of these securities will be made only by means of a private offering memorandum. The offer and sale of the Convertible Notes and the shares of the Company's common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Cautionary Statement Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, among other things, the anticipated terms of the Convertible Notes and capped call confirmations, statements regarding the intended use of the net proceeds from the offering and the potential impact of anticipated transactions by holders of the Convertible Notes and the option counterparties on the Company's securities. Forward-looking statements may be identified by the use of the words "may," "will," "expect," "intend" and other similar expressions. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are based on management's current expectations and beliefs about future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties include, but are not limited to, the risks related to whether the Company will consummate the offering and enter into the capped call transactions on the expected terms or at all, the anticipated effects of holders of the Convertible Notes or the option counterparties entering into or unwinding derivative transactions with respect to the Company's common stock and/or purchasing or selling the Company's common stock, market and general conditions, and risks relating to the Company's business, including those described in periodic reports that the Company files from time to time with the Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release, and the Company does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. About Super Micro Computer, Inc. Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enables our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling). Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc. All other brands, names, and trademarks are the property of their respective owners. View source version on Contacts Investor Relations Contact: Nicole NoutsiosStratos Advisorsemail: ir@ Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Yahoo
23-06-2025
- Business
- Yahoo
MakeMyTrip Announces Closing of Offering of US$1.25 billion 0.00% Convertible Senior Notes Due 2030 and Full Exercise of Option to Purchase Additional Notes
NEW YORK & GURUGRAM, India, June 23, 2025--(BUSINESS WIRE)--MakeMyTrip Ltd (NASDAQ: MMYT, the "Company" or "MakeMyTrip"), today announced the closing of its previously announced offering of US$1.25 billion in aggregate principal amount of 0.00% convertible senior notes due 2030 (the "Notes"), and the exercise in full by the initial purchasers of their option to purchase an additional US$187.5 million in aggregate principal amount of the Notes (collectively, the "Notes Offering"). The Notes were offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The Company also announced today by a separate press release the closing of a registered public offering of 16,000,000 ordinary shares (the "Primary Equity Offering") at US$90 per ordinary share. The underwriters exercised in full their option to purchase 2,400,000 additional ordinary shares. MakeMyTrip received net proceeds from the Notes Offering of approximately US$1.41 billion, after deducting the initial purchasers' discounts and estimated offering expenses payable by the Company. The Company plans to use all of the net proceeds from the Notes Offering and the Primary Equity Offering to repurchase a portion of the Class B ordinary shares of the Company from Group Limited. Terms of the Notes The Notes are senior unsecured obligations of the Company. The Notes will mature on July 1, 2030 unless redeemed, repurchased or converted prior to such date. The Notes will be convertible into ordinary shares of the Company, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day preceding the maturity date. The initial conversion rate of the Notes is 8.2305 ordinary shares per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$121.50 per ordinary share and represents a conversion premium of approximately 35% above the public offering price of the ordinary shares, which was US$90 per ordinary share). The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events. On or after July 10, 2028, MakeMyTrip may redeem for cash all or part of the Notes, at its option (such redemption, an "Optional Redemption"), if (x) the Notes are "freely tradable" (as defined in the indenture for the Notes) and all accrued and unpaid special interest, if any, has been paid in full, as of the date the Company sends the notice of redemption and (y) the last reported sale price of MakeMyTrip's ordinary shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date MakeMyTrip provides notice of redemption and (ii) the trading day immediately preceding the date MakeMyTrip sends such notice. MakeMyTrip may also redeem for cash all but not part of the Notes at any time if less than 10% of the aggregate principal amount of Notes issued remains outstanding at such time ("Cleanup Redemption"). In addition, MakeMyTrip may redeem all but not part of the Notes in the event of certain changes in the tax laws ("Tax Redemption"). The redemption price in the case of a Tax Redemption, an Optional Redemption or a Cleanup Redemption will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the related Redemption Date. Holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or part of their Notes, on July 3, 2028 at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid special interest, if any. In addition, subject to certain conditions and a limited exception, holders of the Notes will have the right to require the Company to repurchase all or part of their Notes upon occurrence of certain events that constitute a fundamental change. In connection with certain corporate events or if the Company issues a notice of Optional Redemption, Cleanup Redemption or Tax Redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Notes in connection with such corporate event or such Optional Redemption, Cleanup Redemption or Tax Redemption. Other Matters Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy any securities, including the Notes or the ordinary shares, nor shall there be any offer or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Primary Equity Offering was made only by means of a separate prospectus supplement and accompanying prospectus pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. The Notes and the ordinary shares deliverable upon conversion thereof have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws and are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Forward-Looking Statements This document contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this document, including but not limited to, statements about MakeMyTrip's goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of MakeMyTrip, and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of MakeMyTrip, which involve inherent risks and uncertainties, and therefore should not be relied upon as being necessarily indicative of future results. A number of factors, including macro-economic, industry, business, regulatory and other risks, could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: MakeMyTrip's ability to grow at the desired rate or scale and its ability to manage its growth; its ability to further develop its business, including new products and services; its ability to attract and retain partners and consumers; its ability to compete effectively in the intensely competitive and constantly changing market; its ability to continue to raise sufficient capital; its ability to reduce net losses and the use of partner and consumer incentives, and to achieve profitability; potential impact of the complex legal and regulatory environment on its business; its ability to protect and maintain its brand and reputation; general economic, social, and political conditions, currency exchange fluctuations and inflation; expected growth of markets in which MakeMyTrip operates or may operate; and its ability to defend any legal or governmental proceedings instituted against it. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described under "Item 3. Key Information – D. Risk Factors" and in other sections of MakeMyTrip's annual report on Form 20-F for the fiscal year ended March 31, 2025, as well as in other documents filed by MakeMyTrip from time to time with the U.S. Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and MakeMyTrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About MakeMyTrip Limited We own and operate well-recognized online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services, and visa processing. We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, Indian Railways, and all major Indian bus operators. View source version on Contacts For more details, please contact: Mohit KabraGroup Chief Financial OfficerMakeMyTrip Limitedgroupcfo@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
