QT Imaging Holdings announces amendment to CP note

QT Imaging Holdings, Inc. announced an amendment to its $10,000,000 convertible promissory note with YA II PN, Ltd.

On September 11, 2024, a trigger event associated with the share price of the company occurred under the terms of the Note. As a result, the company made a payment of $1,500,000 on September 13, 2024, and could have been obligated to make subsequent similar monthly payments. On September 26, 2024, the company and the Investor entered into an amendment of the Note, whereby the parties agreed to amend certain terms of the Note to reduce the company’s monthly payment obligations resulting from the trigger event.

The maturity date of the Note was extended approximately 6 months from June 4, 2025, to December 15, 2025. Additionally, the amendment deferred all monthly cash payments due until January 15, 2025, replaced the company’s prior monthly payment obligation of approximately $1,500,000 during a trigger event with an unqualified obligation to make monthly payments of approximately $600,000 beginning on January 15, 2025, and waived the potential delisting of the company’s common stock from Nasdaq as an event of default under the Note.

“On behalf of the QTI leadership team and Board of Directors, I would like to thank the Yorkville team for their partnership and trust, as the execution of this amendment gives the QTI team the runway to successfully execute its first year plan as a public company, where our keen focus remains the successful commercial shipments of our Breast Acoustic CT™ Scanners in the United States,” said Dr. Raluca Dinu, Chief Executive Officer and member of the Board of Directors.
MB Bureau