GigaMedia Invests $1.5M in Aeolus Robotics Via Convertible Note With 4.5% Interest Over 3 Years
Benzinga Newsdesk 1 year ago
News
GigaMedia Limited (NASDAQ:GIGM) today announced that the Company has entered into and executed an agreement to purchase a US$1,500,000 principal amount of convertible promissory note (the "Note") issued by Aeolus
GigaMedia Limited (NASDAQ:GIGM) today announced that the Company has entered into and executed an agreement to purchase a US$1,500,000 principal amount of convertible promissory note (the "Note") issued by Aeolus Robotics Corporation ("Aeolus"), a global company primarily engaged in designing, manufacturing, processing and sales of intellectual robotics.
The Note, bearing interest at a rate of 4.5% per annum, shall be due in 36 months, and all or a portion of the principal amount under the Note may be convertible at GigaMedia's option upon maturity, upon prepayment, or when certain events occur, into ordinary shares of Aeolus at a price of US$0.02 per share.
The purchase and sale of the Note exhibits GigaMedia and Aeolus's mutual commitment to a longer-term strategic relationship. GigaMedia continually reviews its investment alternatives and may enter into additional transactions of Aeolus's securities in accordance with applicable laws.