TH International Limited entered into a securities purchase agreement with new investor Tim Hortons Restaurants International GmbH for issuance of Series A convertible subordinated notes due 2027 for gross proceeds of $30 million on June 28, 2024. The Series A convertible notes are convertible into Series A-2 convertible preferred shares at the option of the holder at any time after January 16, 2025, and mandatorily upon maturity or on the occurrence of certain change of control events, provided that the conversion requirements have been met. Each $100 principal amount of Series A convertible notes converts into one Series A-2 preferred share and each Series A-2 preferred share converts into 121.01 ordinary shares.

Each $100 of principal amount of Series A-1 convertible notes converts directly into 121.01 ordinary shares.