SINGAPUR (dpa-AFX) - GCL Global Holdings Ltd (GCL), a games and entertainment company, has signed a securities purchase agreement with ATW Partners for senior unsecured convertible notes under a funding facility of up to $45.5 million.
As part of the agreement, GCL will initially issue a note worth $2.9 million in principal for $2.61 million. The company may also require the investor to purchase additional notes totaling $42.6 million in principal for $38.34 million, subject to conditions outlined in the SPA.
These three-year notes carry a 6 percent annual interest rate, payable monthly either in cash or, if conditions permit, in GCL shares. The funds will support general corporate needs and working capital.
GCL's Group CEO Sebastian Toke expressed that the financing reflects investor confidence in the company's direction. He stated that the capital will enable GCL to accelerate growth plans and invest further in gaming innovation while maintaining financial stability.
GCL is currently trading at $2.605 or 6.9700% lower on the Nasdaq Global Select Market.
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