Phaos Technology enters $10 million equity facility with High West Partners
POAS•Phaos Technology entered an agreement allowing it to sell up to $10 million of Class A ordinary shares to High West Partners at prevailing market prices over 36 months, subject to conditions.
1. Equity facility terms
Phaos Technology Holdings (Cayman) Limited entered a securities purchase agreement giving it the right to sell up to $10 million of Class A ordinary shares to High West Partners at prevailing market prices. The facility may be used from time to time once conditions are met, and will be available for 36 months from its commencement date.
2. Commitment fee
Phaos will also issue Class A ordinary shares to the investor as a commitment fee. The fee is earned at commencement and will be delivered with the first purchase notice.
