Audio Pixels Holdings Limited announced a private placement of convertible note for the gross proceeds of AUD 3 million on May 22, 2023. The transaction included participation from 4F Investments Pty Limited. The terms of the convertible note will include a term of up to 31 January 2024, unsecured, attract an interest rate of 12% per annum payable quarterly in arrears and be convertible to ordinary shares at AUD 9.04, being the five-day volume weighted average price of AKP at the time of the agreement.

The transaction is subject to shareholder's approval. The investors will also receive a total of 600,000 unlisted options at a strike price of 20% higher than the conversion price of AUD 9.04, namely AUD 10.84. These unlisted options have a term of 3 years expiring on 4 May 2026.