Micro-X Ltd (ASX:MX1), an Australian hi-tech company, today announced the appointment of Dr. Brian Gonzales as Chief Executive Officer, effective 3 August 2026, alongside a comprehensive strategic reset and commitments for $8 million in convertible note financing. The company, a leader in cold cathode X-ray technology for health and security markets globally, develops and commercialises a range of innovative products based on proprietary cold cathode, carbon nanotube (CNT) emitter technology. This strategic shift aims to sharpen the company’s focus on medical CT products, reduce costs, and extend its funding runway through FY27.
Dr. Gonzales brings over two decades of experience in cold cathode X-ray technology, having previously served as Chief Scientific Officer and CEO of Micro-X’s US business, where he led significant government programs and partnerships totalling over US$16 million in awards. His appointment follows the stepping down of Kingsley Hall. The strategic reset, effective from the beginning of FY27, prioritises medical CT development, strengthens financial discipline with improved project cost control and capital allocation, and restructures Rover sales functions. Additionally, Micro-X has identified annualised cost savings exceeding $3 million, comprising reductions in employment costs and corporate overheads, to streamline operations.
The $8 million in convertible note financing commitments supports this strategic direction, consisting of $6 million in applications and a $2 million underwriting commitment. These unlisted, secured three-year convertible notes carry an annual interest rate of 12% and are convertible at $0.08 per share. Bindella Capital, an existing shareholder, committed $5 million, while directors and key management personnel committed approximately $0.8 million, with director commitments subject to shareholder approval. TIGA Trading Pty Ltd, associated with the Thorney Investment Group, provided the $2 million underwriting, receiving a 7.5% fee. Proceeds will primarily fund Head CT development and commercialisation, the commercial launch of the updated Rover, operating costs, and general working capital.
