TAIPEI, Sept. 8,
2023 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM)
today announced that the Company has entered into and executed with
Aeolus Robotics Corporation ("Aeolus") an agreement of amendment to
the Aeolus convertible promissory note previously purchased by
GigaMedia on August 31, 2020 (the
"Note"). The amendment is to extend the due date of the Note for
the outstanding US$7 million
principal, with advantageous terms and conditions.
For the amended Note, the remaining principal of US$7 million bearing an interest rate of 4% per
annum, shall be due in 30 months from the date of the amendment,
and all or a portion of the principal amount under the amended Note
may be convertible upon maturity, upon prepayment or occurrence of
certain events, upon its next round equity financing, or upon its
initial public offering, at the lower of US$1.25 per share or 80% of the offering prices
if applicable.
The agreement was entered into for the purpose of remaining
strategically engaged while reducing the Company's exposure.
GigaMedia continually reviews its investment alternatives and may
enter into additional transactions of Aeolus's securities from time
to time in accordance with applicable laws.
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of digital entertainment services in
Taiwan and Hong Kong. GigaMedia's digital entertainment
service business is an innovative leader in Asia with growing capabilities of development,
distribution and operation of digital entertainments, as well as
platform services for games with a focus on mobile games and casual
games. More information on GigaMedia can be obtained from
www.gigamedia.com.tw.
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. GigaMedia
cautions readers that forward-looking statements are based on the
Company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements. Information as to
certain factors that could cause actual results to vary can be
found in GigaMedia's Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission in April 2023.
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SOURCE GigaMedia