Currenc Group announces up to $33 million convertible note financing

* Currenc Group (NASDAQ:CURR [https://seekingalpha.com/symbol/CURR]) announced on Thursday an agreement to issue and sell up to $33.0 million of the company’s unsecured convertible promissory notes due October 8, 2027.
* After deducting related costs and expenses, the company would receive $30.0 million in new funding if the financing is fully funded.
* An initial $4.4 million of principal amount has already closed, with net proceeds to the company of $4.0 million, with the remainder to be drawn in tranches, said the company.
* The notes were issued in a private offering and will mature on October 8, 2027.
* The Notes are unsecured, unsubordinated obligations of the company and include 50% warrant coverage with an exercise price of $1.85 per share. The Notes will be convertible at the option of the holders in certain circumstances at an initial conversion price of $1.85 per share. The Notes bear interest at 5.00% per annum.
* The company said it may prepay the Notes, in whole or in part, at its option, subject to a 10% prepayment premium.
* The company expects to use the proceeds for general corporate purposes, including working capital and growth initiatives, and may repay existing indebtedness.
* CURR is +0.28% to $1.73.
* Source: Press Release [https://seekingalpha.com/pr/20260882-currenc-group-announces-up-to-33-million-convertible-note-financing]

MORE ON CURRENC

* Seeking Alpha’s Quant Rating on Currenc  [https://seekingalpha.com/symbol/CURR/ratings/quant-ratings]
* Historical earnings data for Currenc  [https://seekingalpha.com/symbol/CURR/earnings]
* Financial information for Currenc  [https://seekingalpha.com/symbol/CURR/income-statement]