Poxel S.A. announced a private placement to issue convertible bonds for the gross proceeds of ?15,000,000 on March 23, 2023. The transaction will include participation from Iriso Electronics Co., Ltd. The company issued convertible redeemable bonds. The bonds bear zero coupon rate and 10 years maturity from the date of closing. The redeemable bonds be converted into shares of the Company at the prevailing conversion ratio at any time upon delivery of a conversion notice to the Company and conversion of the redeemable bonds into new or existing shares of the Company is mandatory at the latest at maturity of the redeemable bonds. The Company will pay CAPINVEST a structuring fee of 2.5% of the nominal amount of each tranche drawn, payable in cash on each drawdown. 80% of the lowest daily volume-weighted average price over a period of twenty trading days preceding the date of conversion of the redeemable bonds, it being specified that the conversion price of the redeemable bonds is subject to a floor, whichever is the highest of the daily volume-weighted average price over a period of twenty Trading Days preceding the date of conversion of the redeemable bonds less a discount of 20%, the daily volume-weighted average price over one trading day immediately preceding the date of conversion of the redeemable bonds less a discount of 8%, and the nominal value of the Shares.

On the same day, Poxel S.A. closed the transaction. The company has received ?3,500,000 in the transaction.