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MicroCloud Hologram Inc. has entered into Convertible Note Purchase Agreements with investors to raise $36 million, according to a recent SEC filing. On Wednesday, the company issued $12 million of these notes. The offering is registered under the Securities Act through a prospectus supplement to an existing shelf registration statement.
The convertible notes, once effective, will have a term of 360 days and include an 8% original issue discount, amounting to $2.88 million. MicroCloud retains the right to prepay any portion of the outstanding balance. Investors can convert the notes into Class A ordinary shares, subject to a 9.99% ownership limitation, using a conversion price based on the lowest market closing price of the company’s shares over the 60 trading days before a conversion request, multiplied by 70%.
In the event of a default, the interest rate on the notes will increase to 10% per annum, and investors will retain conversion rights until the balance is fully paid. The company plans to use the net proceeds for working capital and general corporate purposes.
This information is based on a press release statement filed with the SEC.
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