Jun. 25 at 7:14 AM
$AIXI
issue and sell two convertible promissory notes with the aggregate principal amount of
$6,128,000 (collectively, the “Notes”), including the initial aggregate principal amount of
$5,610,000 and an additional original issue discount in the aggregate amount of
$518,000 to be added to the principal amount on the 30-day anniversary of the Purchase Price Date (as defined in the applicable Note).
Each Note will mature 12 months after the Purchase Price Date (as defined in the applicable Note) and will be convertible into the Company’s ADSs at a conversion price equal to the lower of (i)
$3.04428 (the “Fixed Price”) or (ii) 85% multiplied by the lowest daily volume-weighted average price of the ADSs during the ten trading days preceding a conversion (the “Market Price”). The conversion price will be further reduced by
$0.05 per ADS to cover any receipt issuance fees incurred by the holder in connection with any conversion (the “Conversion Price”).
