Loan & DebtJul 9, 2026, 04:08 PM
Primech Amends Convertible Note Conversion Price to $1.30; Secures $2M
AI Summary
Primech Holdings Ltd. amended its securities purchase agreement and convertible promissory notes with an institutional investor. The conversion price for the US$4,000,000 senior unsecured convertible promissory notes was reduced from US$2.00 to US$1.30 per Ordinary Share. This amendment was made to reflect the decline in the company's share trading price and to secure the second tranche of US$2,000,000 in funding, which was completed on July 7, 2026. The agreement also updated restrictions on future equity financings.
Key Highlights
- Conversion price for convertible notes amended from US$2.00 to US$1.30 per share.
- Secured second tranche of US$2,000,000 funding from institutional investor.
- Total convertible notes aggregate principal amount is US$4,000,000.
- Notes bear interest at 7% per annum, payable quarterly.
- Maturity is three years from the effective date.
- New restrictions on equity financings below US$1.30 per share.
- Allows issuance of up to US$1,000,000 in shares to Victory Concept Electronics Ltd.
Price Impact
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