Silvaco issues $10M convertible note to Micron; converts in 2028 at formula price

Silvaco Group, Inc.

Issued $10M senior convertible promissory note to Micron Technology, a customer, in private placement.
Note bears 8% simple interest, no cash payments; interest accrues and converts with principal.
Automatic conversion on Aug 7, 2028 or upon change of control; conversion price = lower of 90% of FMV or 115% of prior close.
Conversion subject to Nasdaq cap; if exceeded, company must seek stockholder approval or make cash payment.
Note restricts additional debt to $50M subordinated; unsecured, prepayment only with Micron consent.

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