- GigaMedia Limited (GIGM -2.8%) enters and executes a convertible note purchase agreement to acquire ownership of $10M principal convertible promissory note issued by Aeolus Robotics Corporation.
- The note bears a 2% interest rate per annum and shall be due on August 30, 2022 but extendable to August 30, 2023 at Aeolus' option.
- The note has an option at maturity, upon prepayment, or when certain events occur, to convert into ordinary shares of Aeolus at a price of $3 per share, or into preferred shares if Aeolus' issues further preferred shares.
- The company would own ~3.33M shares representing ~4.62% of total ordinary shares as of August 31.