03:14 PM EST, 01/03/2025 (MT Newswires) -- AEye ( LIDR ) shares surged nearly 28% in recent Friday trading after the company said it signed a securities purchase agreement with a certain institutional investor, securing about $3.2 million in new funding.

The company will issue a senior unsecured convertible promissory note to the investor under the agreement, which is subject to certain customary closing conditions.

The 18-month note will accrue 7% interest annually and is convertible into common shares at a conversion price of $2.22 per share, AEye ( LIDR ) said in a US Securities and Exchange Commission filing.

Price: 2.26, Change: +0.49, Percent Change: +27.63