--- title: "Gelteq closes second debt tranche, receiving $2.5 million net of discount" url: "https://aibio.space/news/gelteq-closes-second-debt-tranche-receiving-2-5-million-net-discount/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-06" section: "Listings" tickers: "NASDAQ:GELS" source: "https://www.sec.gov/Archives/edgar/data/1920092/000121390026075126/ea0296939-6k_gelteq.htm" summary: "Shareholders approved the second tranche on June 18, 2026, and the investor now holds a $2.875 million note convertible at 93% of recent trading prices." --- By the aibio.space news desk. Sources - [Gelteq Limited 6-K (2026-07-06)](https://www.sec.gov/Archives/edgar/data/1920092/000121390026075126/ea0296939-6k_gelteq.htm) - [Gelteq Limited 20-F (2025-11-17)](https://www.sec.gov/Archives/edgar/data/1920092/000121390025111090/ea0265278-20f_gelteq.htm) - [Gelteq Limited financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1920092/000121390025111090/) [GELS](https://aibio.space/companies/gelteq/) 2026-07-06 # Gelteq closes second debt tranche, receiving $2.5 million net of discount Tickers [GELS](https://aibio.space/companies/gelteq/) Shareholders approved the second tranche on June 18, 2026, and the investor now holds a $2.875 million note convertible at 93% of recent trading prices. ## Key facts - **Company**: Gelteq Limited (NASDAQ: GELS) - **News type**: Listings - **Primary source**: [Gelteq Limited 6-K (2026-07-06)](https://www.sec.gov/Archives/edgar/data/1920092/000121390026075126/ea0296939-6k_gelteq.htm) *The Washington Monument and the city beyond. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* ## The second tranche Gelteq Limited (Nasdaq: [GELS](https://aibio.space/companies/gelteq/)) closed the second tranche of a debt financing with an institutional investor on June 26, 2026, receiving $2.5 million in proceeds, net of an original issue discount of $375,000. The company's Form 6-K, dated July 2, 2026 and signed by chief executive Nathan Givoni, reports the closing. The securities purchase agreement, signed May 7, 2026, provides for loans of up to $3.5 million in two tranches. The investor funded the first tranche on May 7, 2026: $1.0 million, net of an original issue discount of $150,000, in exchange for a convertible note with a principal amount of $1.165 million. The second tranche depended on shareholder approval under Nasdaq Listing Rule 5635(d). ## The shareholder vote The only matter at the special meeting on June 18, 2026 was approval of the transactions under the agreement. Of 6,091,082 ordinary shares voted, 6,076,941 were cast for, 13,211 against and 930 abstained. The 6-K says Gelteq met each closing condition of the second tranche, including receipt of the shareholder approval, to the investor's satisfaction before the June 26 closing. ## The second note In return for the second tranche, Gelteq issued a second convertible promissory note with a principal amount of $2.875 million. It converts into ordinary shares at 93% of the lowest daily volume weighted average price during the five trading days before the applicable measurement date, subject to adjustments. The 6-K says the second note's terms are substantially similar to the first note's, except for certain expenses paid when the first note closed. The first note carries the same conversion formula. The 6-K identifies the investor only as an institutional investor and does not name it. It names no placement agent or other adviser, and it does not say what Gelteq will use the $2.5 million for. ## The company's finances Its 20-F for the year ended June 30, 2025, filed November 17, 2025, reports revenue of AUD 165,645. The same report describes that amount as minimal revenue from China-related sales or manufacturing, and says no revenue came from China in the year ended June 30, 2024. Research and development expense was AUD 628,606 in the year ended June 30, 2025, up from AUD 276,057 a year earlier. The net loss was AUD 6.6 million for the year, against AUD 3.5 million in the year before. Cash used in operations was AUD 5.5 million, against AUD 1.1 million. Year-end cash and cash equivalents were AUD 344,648 at June 30, 2025, compared with AUD 24,522 a year earlier. The 6-K does not say which currency its dollar amounts use, while the 20-F reports in Australian dollars. The 6-K does not give a current cash balance. ## Critical read The second note's conversion price is tied to recent trading, so a falling share price would mean more ordinary shares for the same principal. The 20-F's year-end cash of AUD 344,648 sits against cash used in operations of AUD 5.5 million for the year, and the 20-F describes the company's China-related revenue as minimal. The 20-F also warns that unfavorable trade policies, such as tariffs, may affect demand for its products and its competitive position. This 6-K does not state a maturity date for the second note, and it refers readers to an earlier 6-K for the first note's terms. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story GELS Gelteq Limited NASDAQ ยท Australia Open the starter desk ## More in Listings Listings ### [Propanc Biopharma faces Nasdaq delisting on bid price, plans to appeal](https://aibio.space/news/propanc-biopharma-faces-nasdaq-delisting-bid-price-plans-appeal/) Oct 29, 2026 Listings ### [Reviva asks stockholders to approve reverse split of up to 1-for-100](https://aibio.space/news/reviva-asks-stockholders-approve-reverse-split-up-1-100/) Oct 29, 2026 Listings ### [Nasdaq to delist Glucotrack shares after bid price exception ends](https://aibio.space/news/nasdaq-delist-glucotrack-shares-after-bid-price-exception-ends/) Oct 28, 2026 --- Source page: https://aibio.space/news/gelteq-closes-second-debt-tranche-receiving-2-5-million-net-discount/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Gelteq closes second debt tranche, receiving $2.5 million net of discount", 2026-07-06, https://aibio.space/news/gelteq-closes-second-debt-tranche-receiving-2-5-million-net-discount/