A holder of our Convertible Loan Notes has asked to convert early, and we've approved it. £50,000 of CLN value is being converted into 200,000 new ordinary shares, at a conversion price of 25 pence per share.

These new shares rank equally with our existing ordinary shares in every respect, and we expect them to be admitted to trading on 19 August 2026.

Once that happens, Aterian will have 19,700,000 ordinary shares in issue, each with one voting right, and we hold none in treasury. That 19,700,000 figure is the one shareholders should use if they're working out whether a change in their holding needs to be notified under the FCA's disclosure rules.

This is a routine step under the terms already agreed when the CLN was issued: a noteholder chose to convert, and we've processed it accordingly. It doesn't change anything about our project portfolio or strategy across Morocco, Botswana or Rwanda.