MicroAlgo Inc. Secures Up to $25M Via Convertible Notes
Ticker: VENAF · Form: 6-K · Filed: Oct 15, 2024 · CIK: 1800392
Sentiment: neutral
Topics: financing, convertible-debt, agreement
Related Tickers: WIMI
TL;DR
MicroAlgo just inked a deal for up to $25M in convertible notes with WiMi Hologram Cloud.
AI Summary
MicroAlgo Inc. announced on October 11, 2024, that it entered into a Convertible Note Purchase Agreement with WiMi Hologram Cloud Inc. This agreement allows for the issuance and sale of unsecured convertible notes totaling up to $25,000,000.
Why It Matters
This financing could provide MicroAlgo Inc. with significant capital to fund its operations or growth initiatives, potentially impacting its future development and market position.
Risk Assessment
Risk Level: medium — The company is issuing convertible notes, which can dilute existing shareholders if converted, and the aggregate amount is substantial.
Key Numbers
- $25.0M — Convertible Notes (Maximum aggregate principal amount to be issued by MicroAlgo Inc. to WiMi Hologram Cloud Inc.)
Key Players & Entities
- MicroAlgo Inc. (company) — Filer and party to the agreement
- WiMi Hologram Cloud Inc. (company) — Counterparty to the agreement
- $25,000,000 (dollar_amount) — Aggregate principal amount of convertible notes
- October 11, 2024 (date) — Date of the Convertible Note Purchase Agreement
FAQ
What is the maturity date of the convertible notes?
The filing does not specify the maturity date of the convertible notes.
What is the conversion price or ratio for the convertible notes?
The filing does not disclose the conversion price or ratio for the convertible notes.
What are the specific terms and conditions of the Convertible Note Purchase Agreement?
The filing mentions the agreement but does not detail its specific terms and conditions beyond the aggregate principal amount.
What is the intended use of the funds raised from these convertible notes?
The filing does not specify the intended use of the funds raised from the convertible notes.
What is the interest rate on the convertible notes?
The filing does not state the interest rate on the convertible notes.
Filing Stats: 576 words · 2 min read · ~2 pages · Grade level 13.7 · Accepted 2024-10-15 06:00:35
Key Financial Figures
- $25,000,000 — the aggregate principal amount of up to $25,000,000 and at an aggregate purchase price of u
- $23,000,000 — at an aggregate purchase price of up to $23,000,000 in a transaction exempt from registrati
- $5,000,000 — ertible note in the principal amount of $5,000,000 (the “Convertible Note”).
- $20,000,000 — ggregate principal amount not to exceed $20,000,000 in connection with the Transaction. No
- $0.01 — vertible note into ordinary shares of US$0.01 each in the capital of the Company (the
Filing Documents
- microalgoinc_6k.htm (6-K) — 20KB
- microalgoinc_ex99-1.htm (EX-99.1) — 45KB
- microalgoinc_ex99-2.htm (EX-99.2) — 41KB
- 0001829126-24-006782.txt ( ) — 107KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: October 15, 2024 MicroAlgo Inc. /s/ Min Shu Min Shu Chief Executive Officer 3