Audio Pixels Holdings Limited is a wholly owned subsidiary of Audio Pixels Holdings Limited, listed in Australia under the stock code of AKP.

It has received binding commitments for a non-underwritten placement of 714,286 ordinary shares to raise A$10 million.

However, due to COVID and the Chinese approval process, funds from Earth Mountain have still not been received by December 30, 2022.

As a result, the company has decided to place an additional 105,476 ordinary shares at A$14.00 per share to raise an additional A$1,476,669 (US$1m).

The total number of issued ordinary shares is now 29,044,742.

Following the announcement, shares of Audio Pixels Holdings (ASX:AKP) were unchanged at $10.00.