Ayala Pharmaceuticals, Inc.: debt financing — Ayala Pharmaceuticals issues $2M convertible notes and warrants to existing lenders

Ayala Pharmaceuticals, Inc.

Issued $2M in Senior Convertible Promissory Notes due Nov 2028 to existing noteholders on March 1, 2024.
Warrants to purchase 7.5M shares of common stock issued alongside notes, exercisable at 50% of market price.
Notes carry interest at SOFR + 7%, convertible at 50% of market price, subject to mandatory conversion.
Drawdown pursuant to November 2023 Side Letter Agreement; remaining $2M available until May 17, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ayala Pharmaceuticals, Inc. incurred convertible notes of additional $2.0 million with Israel Biotech Fund I, L.P., Israel Biotech Fund II, L.P., Arkin Bio Ventures L.P. and Biotel Limited.

Instrument: convertible notes
Principal: additional $2.0 million
Counterparty: Israel Biotech Fund I, L.P., Israel Biotech Fund II, L.P., Arkin Bio Ventures L.P. and Biotel Limited
Event: incurrence

Exact text from the filing

On March 1, 2024, the Company issued Senior Convertible Promissory Notes to the Noteholders (collectively, the “March 2024 Senior Convertible Notes”), in substantially the same form as the November 2023 Senior Convertible Notes, in connection with the loan by the Noteholders to the Company an additional $2.0 million, pursuant to their rights under the Side Letter Agreement (New Notes).

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Source: SEC EDGAR

accession 0000929638-24-000901

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