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LONDON - TAO Alpha PLC (LSE:TAO) has launched a private offering of secured convertible notes targeting a minimum of £100 million (approximately $137.5 million) in the United States, according to a press release statement issued Friday.
The offering, which began on June 24, is limited to accredited investors in the U.S. with a minimum investment threshold of $1 million per investor. The offering period will remain open until July 23.
The convertible notes will be secured by a first-ranking debenture, taking priority over the initial £5 million previously announced by the company on June 17. The notes will not accrue interest or fees on the advanced balance except for default interest if applicable.
According to the terms, the notes will automatically convert upon shareholder approval and admission of the resulting ordinary shares to the Main Market, with a conversion price fixed at £0.01 per ordinary share. The longstop date for conversion is set for September 30, with a maturity date 90 days after if automatic conversion has not occurred.
Dawson James Securities is serving as the lead placement agent for the private offering in the United States.
TAO Alpha describes itself as a London-listed Main Market company that provides subnet infrastructure and develops revenue-generating AI agents for decentralized AI services. The company maintains a Bitcoin treasury alongside revenue from its subnet operations.
The company noted that the definitive terms of the notes will be finalized prior to the conclusion of the offering, with updates to follow once terms are concluded.
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