Audio Pixels Holdings Limited (ASX: AKP), a world leader in digital loudspeaker technologies, has announced an agreement with its convertible noteholders that significantly strengthens its financial position. The company, which leverages patented micro-electromechanical structures (MEMS) to generate sound, stated that noteholders representing $12.3 million of the total $12.5 million in convertible notes have agreed to extend the maturity date of their notes to 31 January 2027.
In addition to the maturity extension, noteholders with notes valued at $4.05 million have elected to capitalise their accrued interest. This means that instead of receiving quarterly cash interest payments, the interest will be added to the principal amount of their notes. This arrangement will remain in place until the notes are either repaid or converted into shares, providing Audio Pixels with enhanced flexibility in managing its cash flow.
The extension of the maturity date and the capitalisation of interest are expected to positively impact Audio Pixels’ working capital. This improved financial footing will support the company as it pursues its short-term objectives and addresses operational needs in the current market environment.
Audio Pixels expressed its gratitude to the noteholders for their continued financial support as the company progresses toward its goals. The announcement was authorised for release by Chairman Fred Bart.
