Micro-X secures US$5.18M convertible note as new CEO steers reset toward medical CT
What's the deal? Micro-XDealroom has a profile for this one. Try Dealroom → (ASX:MX1), an Australian cold cathode X-ray company, has secured commitments for US$5.18M in convertible note financing alongside the appointment of Dr. Brian Gonzales as chief executive officer, effective August 3, 2026. The financing pairs with a strategic reset focused on medical CT products and cost cuts.
The terms: The unlisted, secured three-year notes carry a 12% annual interest rate and convert at US$0.05 per share. The US$5.18M comprises US$3.88M in applications plus a US$1.29M underwriting commitment. Bindella Capital, an existing shareholder, committed US$3.24M, and directors and key management personnel committed roughly US$517.6K (director commitments subject to shareholder approval). TIGA Trading Pty Ltd, associated with the Thorney Investment GroupDealroom has a profile for this one. Try Dealroom →, provided the US$1.29M underwriting for a 7.5% fee.
Where the money goes: Proceeds will primarily fund Head CT development and commercialisation, the commercial launch of the updated Rover, operating costs, and general working capital. The company says the financing extends its funding runway through FY27.
The new boss: Gonzales brings more than two decades in cold cathode X-ray technology, having previously served as chief scientific officer and CEO of Micro-X's US business, where he led government programs and partnerships totalling over US$16 million in awards. He succeeds Kingsley Hall, who is stepping down.
Why now? The reset, effective from the start of FY27, sharpens the company's focus on medical CT development, tightens capital allocation, and restructures Rover sales functions. Micro-X has also identified annualised cost savings exceeding US$1.94M from employment costs and corporate overheads.
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