Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 14
An exchange-listed or OTC-listed company or an emerging stock company may issue preferred shares with warrants for which the preferred shares and warrants are detachable; a company whose stock is neither listed on an exchange nor traded over-the-counter at securities firms may not issue preferred shares with warrants for which the preferred shares and warrants are detachable.For issuance of preferred stocks with warrants, the terms and conditions shall provide for the following items:1. Issue date.2. Class of the preferred stocks and total issue amount.3. The number of warrant units represented by each preferred share with warrant.4. The listing or trading at the places of business of securities firms of the preferred stocks with warrants of an exchange-listed or OTC-listed company.5. Criteria for setting conditions for exercising the warrant (including exercise price, exercise period, type of the share for warrant exercise, and the number of shares represented by each warrant).6. For stocks with detachable warrants, the total number of the issued units of the warrants and the method of calculation of the price per unit of the warrants.7. The adjustment of exercise price.8. Procedure of request for exercising the warrant and method of paying for stock price. The method of paying for stock price shall be conducted by means of a choice of payment of cash or an offset of preferred stocks from the given offering.9. The rights and obligations after exercising warrant.10. Shares for performance upon exercise shall be restricted to the issuance of new shares.11. The number of times and date for the stockholder to acquire new stocks by submitting the certificate of payment for stock price.12. Procedure for obtaining the preferred stocks with warrants.13. Other important stipulations.The exercise price for preferred shares with warrants in an emerging stock company, may not be lower than the weighted average trade price for the company's common shares during the period preceding the price determination date, and may not be lower than its net value per share as reported in the financial reports for the most recent fiscal period, audited and attested (or reviewed) by CPAs, and a recommending securities firm shall be retained to give an opinion on the reasonableness of the issuing price.The exercise price for preferred shares with warrants issued by a company whose stock is neither listed on an exchange nor traded over-the-counter at securities firms may not be lower than its net value per share as reported in the financial reports for the most recent fiscal period, audited and attested or reviewed by CPAs, and a CPA shall be retained to give an opinion on the reasonableness of the issuing price.The weighted average trade price for the company's common shares during the period preceding the price determination date as mentioned in paragraph 3 of this article and in Article 33, paragraph 2, and Article 42, paragraph 3 shall mean, for the 30 business days preceding the price determination date, the sum of the monetary amounts traded on each of those business days of those emerging stock common shares in the Emerging Stock Computerized Price Negotiation and Click System divided by the sum of the numbers of those shares traded on each of those business days.Paragraph 2 of Article 42, and Articles 43 through 49 shall apply mutatis mutandis to issuance of preferred stocks with warrants by an issuer.
中文原文 發行人募集與發行有價證券處理準則第14條
上市、上櫃公司及興櫃股票公司得發行特別股與認股權分離之附認股權特別股；未上市或未在證券商營業處所買賣之公司不得發行特別股與認股權分離之附認股權特別股。
發行附認股權特別股時，應於發行及認股辦法中訂定下列有關事項：
一、發行日期。
二、特別股種類及發行總額。
三、每股附認股權特別股給予之認股權單位數。
四、上市或上櫃公司附認股權特別股之上市或在證券商營業處所買賣。
五、認股條件（含認股價格、認股期間、認購股份之種類及每單位認股權可認購之股數等）之決定方式。
六、附可分離認股權者，其認股權憑證之發行單位總數及每單位認股權憑證價格之計算方式。
七、認股價格之調整。
八、請求認股之程序及股款繳納方式。
股款繳納方式以現金或本次發行之特別股抵繳擇一為之。
九、認股後之權利義務。
十、履約方式，限以發行新股方式支應。
十一、股款繳納憑證換發新股之次數、時點。
十二、取得所發行附認股權特別股之處理程序。
十三、其他重要約定事項。
興櫃股票公司發行附認股權特別股之認股價格，不得低於定價日前一段時間普通股加權平均成交價格，且不得低於最近期經會計師查核簽證或核閱之財務報告每股淨值，並應洽推薦證券商對發行價格之合理性表示意見。
未上市或未在證券商營業處所買賣之公司發行附認股權特別股之認股價格不得低於最近期經會計師查核簽證或核閱之財務報告每股淨值，並應洽會計師對發行價格之合理性表示意見。
第三項及第三十三條第二項、第四十二條第三項所稱定價日前一段時間普通股加權平均成交價格，指定價日前三十個營業日興櫃股票電腦議價點選系統內該興櫃股票普通股之每一營業日成交金額之總和除以每一營業日成交股數之總和計算。
發行人發行附認股權特別股時，準用第四十二條第二項、第四十三條至第四十九條規定。
發行附認股權特別股時，應於發行及認股辦法中訂定下列有關事項：
一、發行日期。
二、特別股種類及發行總額。
三、每股附認股權特別股給予之認股權單位數。
四、上市或上櫃公司附認股權特別股之上市或在證券商營業處所買賣。
五、認股條件（含認股價格、認股期間、認購股份之種類及每單位認股權可認購之股數等）之決定方式。
六、附可分離認股權者，其認股權憑證之發行單位總數及每單位認股權憑證價格之計算方式。
七、認股價格之調整。
八、請求認股之程序及股款繳納方式。
股款繳納方式以現金或本次發行之特別股抵繳擇一為之。
九、認股後之權利義務。
十、履約方式，限以發行新股方式支應。
十一、股款繳納憑證換發新股之次數、時點。
十二、取得所發行附認股權特別股之處理程序。
十三、其他重要約定事項。
興櫃股票公司發行附認股權特別股之認股價格，不得低於定價日前一段時間普通股加權平均成交價格，且不得低於最近期經會計師查核簽證或核閱之財務報告每股淨值，並應洽推薦證券商對發行價格之合理性表示意見。
未上市或未在證券商營業處所買賣之公司發行附認股權特別股之認股價格不得低於最近期經會計師查核簽證或核閱之財務報告每股淨值，並應洽會計師對發行價格之合理性表示意見。
第三項及第三十三條第二項、第四十二條第三項所稱定價日前一段時間普通股加權平均成交價格，指定價日前三十個營業日興櫃股票電腦議價點選系統內該興櫃股票普通股之每一營業日成交金額之總和除以每一營業日成交股數之總和計算。
發行人發行附認股權特別股時，準用第四十二條第二項、第四十三條至第四十九條規定。