Summary by Moomoo AI
Autozi Internet Technology has entered into an amended securities purchase agreement on February 19, 2025, revising its previous $27.5M convertible notes arrangement from January 27. The company issued a reissued senior unsecured convertible note of $3.02M, which voids the previous $3.5M note, and reissued six warrants for incremental notes of $4M each.The amendment was necessary due to a transmittal issue where funds from the original note were not received until February 11, 2025. The new agreement maintains similar terms but includes accrued interest of $16,958.33, bringing the total potential note value to $27.52M. The initial conversion price is set at $0.60, based on the February 14 closing price.The remaining funds for the reissued note will be transferred upon the Form F-1 registration statement becoming effective. The company relied on Section 4(a)(2) exemption and Cayman Islands home country practices for these transactions, bypassing Nasdaq Rule 5635(d)'s shareholder approval requirement.
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