Lumos Diagnostics Holdings Limited announced that it has entered into agreement for a private placement of convertible note for proceeds of AUD 8,000,000 on November 21, 2022. The transaction will include participation from The Lind Partners, LLC and SBC Global Investment Fund, a fund managed by SBC Global Investors. The company will receive funding in two tranches where each tranche consists of AUD 4,000,000 each.

The notes carry a zero interest rate and have a term of 24 Months. The notes are convertible into shares Conversion Price will be the lesser of 100% premium to the average of 5 daily VWAPs preceding closing and 90% of the average of the 5 lowest daily VWAPs during the 20 trading days preceding the date of share issuance, provided that the Fixed Price or Variable Price cannot be less than the floor price of AUD 0.025. The transaction is subject to shareholders at General Meeting to be conducted on December 22, 2022.