Light (LIGT3), which is under court-supervised reorganization, approved on Thursday, July 30, 2026, a capital increase of R$ 1,663,829,884.60 through the issuance of 523,272,476 new common shares. The capital injection results from the conversion of all debentures (debt securities issued by the company) of the 1st issuance of convertible debentures into shares and from the automatic exercise of subscription warrants.
With the increase, Light’s share capital rises from R$ 6,978,002,558.94, divided into 1,086,537,125 common shares, to R$ 8,641,832,443.54, divided into 1,609,809,601 common shares, all registered, book-entry and with no par value. The transaction results in dilution for shareholders who did not exercise their preemptive rights in the issuance of the debentures and Bondholders subscription warrants.
According to the company, the purpose of the capital increase is to fulfill obligations set forth in clause 5 of the court-supervised reorganization plan approved on May 29, 2024 at the General Creditors’ Meeting and ratified on June 18, 2024 by the 3rd Corporate Court of Rio de Janeiro. Management reports that, aside from the aforementioned dilution, it does not see any other material legal or economic consequences arising from the increase.
The shares issued upon conversion of the debentures have an issue price of R$ 6.29 per share, corresponding to the volume-weighted average price (VWAP) of LIGT3 over the 60 trading sessions prior to February 23, 2024. The shares issued through the exercise of the subscription warrants have an issue price of R$ 0.01 per share. All new shares will carry the same rights as the existing ones, including dividends and interest on equity (JCP), as from the date of approval of the capital increase.
The new Light shares will be subject to a lock-up period. Of the total subject to lock-up, 15% will be released for trading on February 4, 2027, another 15% on August 4, 2027, a further 15% on February 4, 2028 and another 15% on August 4, 2028. The remaining 40% will be released on February 4, 2029, when 100% of the shares will be available for trading, subject to any extensions to the next business day if the date falls on a non-business day.
