(Alliance News) - Illa Spa announced Friday that Negma Group Ltd has applied for the conversion of four bonds, with a total equivalent value of EUR40,000.

The bonds in question are part of the first tranche of Illa's convertible bond issue underwritten by Negma, and the full face amount of the first, second, third, and fourth tranches, as well as part of the fifth tranche, in the total amount of EUR2.9 million have been fully converted.

The conversion price was EUR0.001 per share and, therefore, the four bonds give Negma the right to subscribe for 40.0 million new ordinary shares of Illa.

Illa's stock closed Friday up 25 percent at EUR0.0025 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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