Summary by Moomoo AI
MicroCloud Hologram Inc. has entered into Convertible Note Purchase Agreements with investors for up to $30 million in unsecured convertible notes. The initial closing on August 12, 2024 raised $18 million, with potential additional closings up to the $30 million maximum.The notes are convertible into ordinary shares at 70% of the lowest 90-day closing price. Investors also have an alternate conversion option at 40% of the reference price. The notes are non-interest bearing unless in default. MicroCloud can redeem the notes early at a 10% premium.The financing includes registration rights for the conversion shares and a 360-day lock-up on shares from alternate conversions. This transaction strengthens MicroCloud's capital position as it pursues growth in the holographic technology sector.