Horizon announced that it is proposed to issue convertible bonds denominated in US dollars and convertible into the Company's Class B common stock. The amount is US$450 million, with zero coupon interest, and the maturity date is on or around July 27, 2027. Proceeds from the proposed issuance of convertible bonds will be used by the Company to pay a total cash payment of US$399 million to CARIAD in accordance with the revised agreement, including repayment of approximately US$344 million in excess loan amount and additional cash payments. The balance of the proceeds from the proposed issuance of convertible bonds will be used by the Company to supplement working capital and other corporate purposes.

Horizon announced that it is proposed to issue convertible bonds denominated in US dollars and convertible into the Company's Class B common stock. The amount is US$450 million, with zero coupon interest, and the maturity date is on or around July 27, 2027. Proceeds from the proposed issuance of convertible bonds will be used by the Company to pay a total cash payment of US$399 million to CARIAD in accordance with the revised agreement, including repayment of approximately US$344 million in excess loan amount and additional cash payments. The balance of the proceeds from the proposed issuance of convertible bonds will be used by the Company to supplement working capital and other corporate purposes.