Symphony Environmental Technologies plc announced that it has entered into convertible loan agreement to issue unsecured convertible loan in the principal amount of £1,000,000 on October 18, 2023. The transaction included participation from returning investor, Sea Pearl Ventures Limited. The company will pay interest at rate of 7% per annum, payable as accrued on repayment and/or conversion. If not repaid before September 30, 2024, conversion on that date. Conversion price is 80% of the volume-weighted average share price for the 3 months prior to September 30, 2024.

On the same date, the company has received £500,000 in its first tranche and expects to receive £500,000 on or before 31 March 2024.