ION Video clears debt after converting $2.65 million in notes

Ion Video Ltd (ASX:IOV) has eliminated all outstanding debt after exercising its right to convert the remaining $2.65 million in convertible notes into fully paid shares.

The conversion, completed at the first available conversion date under the note terms, removes future interest obligations and simplifies the company’s capital structure as it shifts focus to commercialisation.

ION said the move would avoid a further 12 months of interest that would otherwise have been capitalised into an additional 7.09 million shares, saving the company $708,883.

The debt reduction follows a broader reset of the business since ION relaunched under the ION Video brand in February 2026.

The company said it had realigned its business model, strengthened its patent portfolio, engaged IP lawyers to support validation of its intellectual property and continued discussions with potential commercial counterparties.

ION, which is funded until at least the April–June quarter of 2027 at current expenditure rates, describes itself as an infrastructure company with patented technology that virtualises video at the file architecture level, turning static video files into programmable data.

The technology is protected by four foundational patents and is designed to allow intelligent systems to access and compose existing video content without transcoding.