SMX (Security Matters) Public Limited Company announced it has entered into Securities Purchase Agreement to issue a convertible promissory note for a principal amount of $2,250,000 and warrants for gross proceeds of $2.0 million on April 11, 2024. The promissory note is in the principal amount of $2,250,000 issued for proceeds of $2,000,000 after a 10% original issue discount. The notes bear a 12% per year and the maturity date of the Note is the 12-month anniversary of the Effective Date.

The notes are convertible into company?s Ordinary Shares, at a fixed conversion price of $0.24 per share, subject to customary adjustments as provided in the Note including for fundamental transactions. The warrants can exercisable into 11,825,508 Ordinary Shares, has an exercise price of $$0.157 per share, subject to customary adjustments and certain price-based anti-dilution protections. The Company paid to EF Hutton LLC as placement agent, approximately $20,000 in cash fees in relation to the transactions contemplated by the Purchase Agreement.