Aeolus Robotics Corporation announced that it has entered into a convertible note purchase agreement with GigaMedia Limited (NasdaqCM:GIGM) for gross proceeds of $10,000,000 on August 31, 2020. The note bears an interest rate of 2% per annum, due on August 30, 2022 but extendable to August 30, 2023 at company's option, and all or a portion of the principal amount under the note may be convertible at investor’s option upon maturity, upon prepayment, or when certain events occur, into ordinary shares of company at a price of $3 per share, or into preferred shares in company's nearest next round equity financing where company issues further preferred shares, at a price equal to the purchase price offered in such financing or with certain discount. If notes are fully converted, the investor would beneficially own 3,333,333 shares representing, assuming the exercise or conversion of all other rights, options and convertible securities, approximately 4.62% of the total ordinary shares as of August 31, 2020.