Life sciences and technology incubator Amphion Innovations PLC (LON:AMP) said £6.56mln of promissory notes due in December 2018 have been rolled over for a year.
Under the terms of an amended arrangement, the notes can be converted into shares at 3p. The coupon will be 10% if the interest payments are made in cash or additional notes, or 12% if they are satisfied by shares.
Under the new terms, the noteholders will receive two warrants for every £1-worth of notes they hold exercisable at 3p until the end of 2020.
Amphion said chief executive Richard Morgan holds notes worth £1.2mln as well as being an 11.3% shareholder in the business.