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GigaMedia purchases convertible note of Aeolus Robotics

Aug. 31, 2020 3:41 PM ETGigaMedia Limited (GIGM) StockGIGMBy: Manshi Mamtora, CFA
  • 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.

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