Item 1.01. Entry into a Material Definitive Agreement.
On November 25, 2019 and on December 10, 2019, the Company issued convertible
unsecured promissory notes (the "Notes") to J.R. Simplot Company, its largest
shareholder, and Trung Doan, its Chairman and Chief Executive Officer,
(together, the "Holders") with a principal sum of $1.5 million and $500
thousand, respectively, and an annual interest rate of 3.5%. Principal and
accrued interest shall be due on demand by the Holders on and at any time after
May 30, 2021. On February 7, 2020, J.R. Simplot Company assigned all of its
right, title and interest in and to Simplot Taiwan Inc.. The outstanding
principal and unpaid accrued interest of the Notes may be converted into the
Company's common stock based on a conversion price of $3.00 per share, at the
option of the Holders any time from the date of the Notes. On May 25, 2020, each
of the Holders converted $300,000 of the Notes into 100,000 shares of the
Company's common stock. On May 26, 2021, the Notes were extended with the same
terms and interest rate for one year and matured on May 30, 2022. And on May 26,
2022, the Notes are extended with the same terms and interest rate for one year
and now mature on May 30, 2023.
The foregoing description of the Second Amendment to Convertible Unsecured
Promissory Notes are attached as Exhibit 1.1 and Exhibit 1.2 to this Current
Report on the Form 8-K (this "Current Report") and are incorporated by reference
herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
1.1 Second Amendment to Convertible Unsecured Promissory Note dated May
26, 2022 between SemiLEDs Corporation and Simplot Taiwan Inc.
1.2 Second Amendment to Convertible Unsecured Promissory Note dated May
26, 2022 between SemiLEDs Corporation and Trung Doan
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