Domestic energy efficiency and air quality control management.
|Fundraising history||This round|
|-||Convertible - Pre-emption|
Last price changed
|01 Apr 2021||23 Jun 2021|
Share price change (%)
Learn more about convertible campaigns.
Fundraising history on Seedrs
23 Jun 2021£510,89020.00% discount
4 Feb 2021£296,8598.25%
19 Feb 2020£529,95320.94%
3 Jul 2018£81,4676.35%
The company has raised a total of £500,000 from Barclays in the form of a convertible loan agreement. This campaign gives Seedrs investors the ability to take their pre-emption rights in the round.
The key terms of the convertible loan agreement are set out below and should be read in conjunction with the Convertible Loan Term Sheet attached to the Documents section of this campaign.
- Discount: 20%
- Interest: 8% per annum
- Valuation Cap: £5,600,000
- Default Valuation: £3,589,114.75
- Maturity Date: 31 December 2022
- Qualified Financing: equity financing raising not less than £1,000,000.
- Conversion or repayment triggers:
(1) On Qualified Financing, the loan plus accrued interest will automatically convert into the highest class of shares at the lower of (i) a 20% discount to the price of the Qualified Financing or (ii) the Valuation Cap.
(2) On the Maturity Date, the loan plus accrued interest shall, at the option of the majority of holders (being those holding 75% of the loan but excluding Barclays), convert into the highest class of shares at the lower of (i) the price paid in the last equity financing round or (ii) the Default Valuation. If not converted, the loan plus accrued interest shall be repaid.
(3) On a change of control, IPO or merger, the loan plus accrued interest shall, at the option of the majority of holders (being those holding 75% of the loan but excluding Barclays), convert into the highest class of shares at a 20% discount to the price of the relevant event. If not converted, the loan plus accrued interest shall be repaid.
(4) On a winding up event, the loan plus accrued interest becomes immediately repayable.
Note that for the convertible loan made by Barclays, Barclays will decide for itself whether to convert or be repaid on Maturity Date, change of control, IPO or merger.
Shares issued on conversion of the convertible loan agreement will not be EIS eligible.
As this is a pre-emption campaign limited information is provided. More information can be found by downloading the pitch deck or reviewing the business's post investment page. This information has not been reviewed or approved by Seedrs.
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