Philippines-listed technology provider and remote gaming platform operator DFNN, Inc. plans to implement a debt-to-equity conversion program involving the issuance of up to 500 million common shares, according to a disclosure filed with the Philippine Stock Exchange.
In the filing, DFNN said its board of directors approved the plan on March 5th, 2026, aimed at retiring outstanding obligations owed to various existing creditors. The proposed conversion will allow creditors to exchange debt holdings for newly issued equity in the company.
Under the plan, the board authorized the issuance of up to 500 million common shares, which will come from a planned increase in the company’s authorized capital stock to PHP2 billion ($35.8 million). In addition, the board approved the issuance of 100 million preferred shares from the company’s existing unissued capital stock.
Both the common and preferred shares will be issued at a price of PHP1.00 per share, implying a potential debt conversion value of up to PHP600 million ($10.7 million) if the full allotment is utilized.
The company said the debt-to-equity conversion is intended to retire existing liabilities by converting them into equity participation by creditors, potentially strengthening the firm’s balance sheet.
DFNN’s board has delegated authority to the company’s management to determine the final list of participating creditors and the allocation of both common and preferred shares under the conversion program.
