(Alliance News) - Illa Spa announced on Wednesday that it has received the fourth conversion request from Negma Group Ltd regarding the first part of the fifth tranche of four bonds with a total value of EUR40,000.

The price was found to be EUR0.001 per share: therefore, the four bonds being converted entitle Negma to subscribe for 40 million newly issued ordinary shares of Illa.

Since the entire nominal amount of the first, second, third and fourth tranches, as well as part of the fifth tranche in the total amount of EUR2.8 million, have been fully converted, subsequent to today's conversion, within the first part of the fifth tranche, 18 bonds with a total value of EUR180,000 remain to be converted.

Illa, Thursday, slumps 20 percent to EUR0.002 per share.

By Chiara Bruschi, Alliance News reporter

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