The Notes will be senior, unsecured obligations of the Company. The Notes will bear interest at a rate of 8% per annum and will mature on
Investors may convert all or any amount of the principal face amount into Fitell's ordinary shares at a conversion price based on the lowest closing price of the Company’s ordinary shares as reported on The Nasdaq Capital Market during the five (5) trading days immediately preceding the date of conversion, provided, however, that the conversion price shall not be lower than
Additionally, the private placement includes warrants entitling the Investor to purchase up to 5,645,455 ordinary shares of the Company at an exercise price of
Fitell intends to use the net proceeds of the private placement for working capital purpose, in line with the Company’s strategic business goals.
The private placement is being made only to “Accredited Investors” (as such term is defined in the Securities Act) pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D under the Securities Act, or non-US investors pursuit to Regulation S. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in
About Fitell Corporation
Forward-Looking Statements
This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the
For more information, please contact:
Chief Financial Officer
Jamarson Kong
jamarson@gymdirect.com.au
Investor Relations
ir@fitellcorp.com
Source:
2024 GlobeNewswire, Inc., source