Baijiayun Group Ltd announced that it has entered into securities purchase agreement for $10 million convertible notes on February 20, 2023. The transaction included participation from BetterJoy Limited. Each convertible note will be convertible into Class A ordinary shares.

The notes will be issued at an interest rate of 4% per annum and will be redeemed on or before February 1, 2025. The note was sold pursuant to an exemption from the registration requirements under the Securities Act of 1933.