ECARX Upsizes 2025 Convertible Senior Notes to $130 Million, Secures Additional Institutional Capital Support

ECARX (Nasdaq: ECX) signed an Amendment Deed on July 16, 2026 to increase the maximum capacity of its 2025 Convertible Notes program from US$100 million to US$130 million.

Rhea-AI Summary

ECARX (Nasdaq: ECX) signed an Amendment Deed on July 16, 2026 to increase the maximum capacity of its 2025 Convertible Notes program from US$100 million to US$130 million. The 2025 Notes, first issued under a November 3, 2025 purchase agreement as part of a 2022 notes refinancing, carry a US$2.62 conversion price (subject to customary adjustments) and mature in 2028.

According to ECARX, the original US$100 million issuance was fully subscribed in Q4 2025 and Q1 2026, including a US$35 million Initial Note, of which US$15 million was later transferred to an international investment bank. Following the amendment, the Initial Investor agreed to subscribe for an additional US$15 million 2025 Note, and an existing 2025 Note has been transferred to a new investor.

Positive

• 2025 Notes capacity increased by 30% from US$100 million to US$130 million
• Original US$100 million 2025 Notes issuance fully subscribed by Q1 2026
• Additional US$15 million 2025 Note subscribed by the Initial Investor post-amendment
• Convertible notes mature in 2028, potentially supporting medium-term liquidity planning

Negative

• Upsized 2025 Notes program adds up to US$30 million in additional potential debt
• Conversion price of US$2.62 per share implies increased potential equity dilution for existing shareholders

News Explained

For existing common holders, the added note creates a conditional dilution path, while the release does not report conversion or completed funding.

The July 16 Amendment Deed leaves ECARX with a potential US$130 million 2025 Notes program, but the release reports only a further US$15 million subscription agreement rather than a completed issuance; the added capacity can therefore change funding and, if converted, existing ownership.

Because the notes are convertible, any conversion into shares would increase total shares and reduce existing holders' percentage ownership absent offsetting changes.

The release identifies R&D iteration and upgrades, commercial scaling, and balance-sheet strengthening as uses for incremental capital.

The transfer of an existing 2025 Note to a new investor changes who holds that note but does not increase the program's principal by itself.

Argus Jul 17 session 6 alerts

-5.98% close to close 0.3x rel. volume Open Argus

Details

Market move: ECX -5.98% in the Jul 17 session. 2025 convertible notes upsizing

$487.31M Mkt Cap at Peak Alert

On Jul 17, the day this news came out, ECX closed 5.98% below the previous close. Our momentum scanner recorded 6 alerts for this stock that day.

Data tracked by StockTitan Argus for the Jul 17 session.

Key Figures

Original 2025 Notes capacity: US$100 million Upsized 2025 Notes capacity: US$130 million New subscription amount: US$15 million +5 more

Original 2025 Notes capacity

US$100 million

Maximum size under original 2025 Note Purchase Agreement

Upsized 2025 Notes capacity

US$130 million

Total potential size after Amendment Deed

New subscription amount

US$15 million

Additional 2025 Note subscribed by existing investor

Initial Note purchase

US$35 million

Principal amount purchased by Initial Investor

Transfer to bank

US$15 million

Portion of Initial Note transferred to international investment bank

Conversion price

US$2.62

Conversion price of 2025 Notes, subject to adjustments

Maturity year

2028

Year when 2025 Notes fall due

Further subscription amount

US$15 million

New 2025 Note subscribed by Initial Investor after amendment

Historical Context

5 past events · Latest: Jun 23

5 events

1. Jun 23

   supplier award

   24h Move

   +12.8%

   Recognition from Volkswagen Brazil for connectivity partnership and technology execution.

2. Jun 22

   software acquisition

   24h Move

   -0.5%

   Agreement to acquire full Flyme software business for RMB1.8 billion.

3. May 29

   technology partnership

   24h Move

   +12.4%

   Co-development deal with TPK for the new ORCA LiDAR platform.

4. May 19

   1Q26 earnings

   24h Move

   -6.8%

   Q1 2026 results with revenue decline but improved margins and EBITDA.

5. May 19

   autonomy partnership

   24h Move

   -6.8%

   Framework agreement with May Mobility to scale Level 4 ride-hail fleet.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible notes, conversion price, principal amount, refinancing

4 terms

convertible notes financial

"capacity for its 2025 Convertible Notes (the "2025 Notes") from US$100 million"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

conversion price financial

"The conversion price of the 2025 Notes is US$2.62 (subject to customary"

The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.

principal amount financial

"subscribe for a new 2025 Note in the principal amount of US$15 million."

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.

refinancing financial

"on November 3, 2025 as part of a refinancing of previous convertible notes"

Refinancing is the process of replacing an existing loan with a new one that has different terms—such as a lower interest rate, longer repayment period, or different payment schedule—much like trading in a high-interest mortgage for a cheaper one. Investors care because refinancing changes a company’s interest costs and cash flow, which can boost profits or free money for growth, but it can also signal stress or add fees that affect returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LONDON, July 17, 2026 /PRNewswire/ -- ECARX Holdings Inc. (Nasdaq: ECX) ("ECARX" or the "Company"), a leading global supplier of intelligent automotive computing and software solutions, today announced: an amendment deed (the "Amendment Deed") to upsize the capacity for its 2025 Convertible Notes (the "2025 Notes") from US$100 million to US$130 million; a further subscription by an existing investor for an additional 2025 Note in the amount of US$15 million; and the transfer of an existing 2025 Note to a new investor.

The 2025 Notes were issued pursuant to a convertible note purchase agreement (the "2025 Note Purchase Agreement") entered into between the Company and an initial investor (the "Initial Investor") on November 3, 2025 as part of a refinancing of previous convertible notes issued in 2022. The 2025 Note Purchase Agreement contemplated the issuance and sale by the Company of up to US$100 million of 2025 Notes. Of this, the Initial Investor purchased US$35 million (the "Initial Note") and the remaining principal amount was fully subscribed for during the course of Q4 2025 and Q1 2026. The conversion price of the 2025 Notes is US$2.62 (subject to customary adjustments on the conversion price) and will be due in 2028.

The Initial Investor subsequently transferred US$15 million of the Initial Note to an international investment bank and securities firm outside China.

On Jul. 16, 2026, the Company entered into the Amendment Deed, which amends the total potential size of the 2025 Notes from US$100 million to US$130 million. Following the amendment, the Initial Investor agreed to subscribe for a new 2025 Note in the principal amount of US$15 million.

Mr. Ziyu Shen, Founder and CEO of ECARX commented: "The upsizing of our 2025 convertible note program and the continued institutional investor endorsement announced today strongly validates capital market confidence in ECARX's core technology competitiveness and long-term global growth roadmap. The incremental capital raised will support the continuous iteration, R&D upgrade and commercial scaling of our full-stack automotive intelligence platform, further strengthen our balance sheet, and drive sustainable long-term shareholder value creation."

About ECARX

ECARX (Nasdaq: ECX), headquartered in London, is a leading global automotive intelligence company. ECARX provides the intelligent brain that powers the next generation of software-defined and AI defined vehicles. The company delivers end-to-end, full-stack solutions spanning advanced system-on-chip hardware, high-performance central computing platforms, intelligent cockpit technology, Advanced Driver Assistance Systems, cloud connectivity and physical AI, alongside bespoke vehicle software and intelligent operating systems. As automakers transition to software-first and AI-first vehicle architectures, ECARX empowers automakers to streamline integration, reduce systemic complexity and optimize long-term cost efficiency. ECARX's proven technology is deployed across over 11 million vehicles worldwide and is currently partnered with 18 global automakers and 28 vehicle brands to shape the future of automotive intelligence. Founded in 2017 and listed on Nasdaq in 2022, ECARX operates from 13 major international locations across Europe, the Americas and Asia, with a global team of over 1,400 employees.

Forward-Looking Statements

This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words "expects", "intends", "anticipates", "estimates", "predicts", "believes", "should", "potential", "may", "preliminary", "forecast", "objective", "plan", or "target", and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX's filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

View original content:https://www.prnewswire.com/news-releases/ecarx-upsizes-2025-convertible-senior-notes-to-130-million-secures-additional-institutional-capital-support-302828429.html

SOURCE ECARX Holdings Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did ECARX (NASDAQ: ECX) increase its 2025 convertible notes capacity to?

ECARX increased the potential size of its 2025 Convertible Notes from US$100 million to US$130 million. According to ECARX, this 30% upsize was executed via an Amendment Deed signed on July 16, 2026, expanding available convertible financing capacity.

What are the key terms of ECARX (ECX) 2025 Convertible Notes, including conversion price and maturity?

ECARX’s 2025 Convertible Notes have a conversion price of US$2.62 per share and mature in 2028. According to ECARX, the conversion price is subject to customary adjustments, and the notes were originally issued under a November 3, 2025 purchase agreement.

How much of ECARX’s 2025 Convertible Notes have been subscribed and by whom?

According to ECARX, the original US$100 million 2025 Notes capacity was fully subscribed by Q4 2025 and Q1 2026. The Initial Investor bought US$35 million initially and later agreed to subscribe an additional US$15 million note after the capacity increase.

What does the upsizing of ECARX’s 2025 Convertible Notes mean for ECX shareholders?

The upsizing raises potential convertible debt to US$130 million, increasing possible future share issuance on conversion. According to ECARX, the added capital is intended to support R&D, platform scaling, and balance sheet strength, which could influence long-term shareholder value.

When did ECARX (ECX) sign the Amendment Deed for its 2025 Convertible Notes?

ECARX entered into the Amendment Deed for its 2025 Convertible Notes on July 16, 2026. According to ECARX, this amendment raised the maximum potential principal amount from US$100 million to US$130 million under the existing 2025 note purchase framework.

How are ECARX’s 2025 Convertible Notes related to its 2022 convertible notes refinancing?

The 2025 Convertible Notes were issued as part of a refinancing of convertible notes originally issued in 2022. According to ECARX, the November 3, 2025 note purchase agreement established the 2025 Notes structure, later expanded to a US$130 million potential capacity.