Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 92

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 92
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 our Class A ordinary shares shortly after the pricing of this offering. Such additional sales could have the effect of causing the market price of our shares of Class A ordinary shares to be lower than it would have been absent such selling.

The underwriters will initially offer the Borrowed ADSs to the public at US$ per ADS, which is the same price as the price to the public per ADS in the Concurrent Primary ADSs Offering (each as defined below), and may subsequently offer such Borrowed ADSs for sale in one or more transactions on the Nasdaq Global Market, in the over the counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale or at negotiated prices. See “Underwriting (Conflicts of Interest).” We do not expect to lend any additional ADSs to the ADS Borrower or any other party to facilitate any short positions that may be desired by any initial or subsequent investors in the convertible senior notes after this offering, and will not lend any additional ADSs following any exercise by the initial purchasers in the concurrent convertible notes offering described below of their option to purchase additional convertible senior notes. There can be no assurance that the ADS Borrower will continue to facilitate any privately negotiated derivative transactions by which any convertible arbitrage investors in our convertible senior notes may be hedging their exposure to the market risk of our ADSs and/or Class A ordinary shares during the term of such convertible senior notes. There is no intent that the Delta Placement of Borrowed ADSs will create any inventory of our ADSs and/or Class A ordinary shares with the ADS Borrower or its affiliates that could be made available for borrowing to any investor in our convertible senior notes during the term thereof.

Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes. Our convertible senior notes are being concurrently offered in a separate offering in reliance on Rule 144A under the Securities Act of 1933, as amended, or the “Securities Act”, to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act).

The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is