NRX Pharmaceuticals, Inc. (NRXP): debt financing — NRx Pharmaceuticals closes $11M unsecured debt financing from Streeterville Capital for Phase 3 trials

NRX Pharmaceuticals, Inc.

Secured $11M unsecured note from Streeterville Capital; net proceeds ~$10M after $1M OID and fees.
Note bears 9% interest, 18-month maturity; monthly redemptions up to $1M starting May 2023.
Redemptions may be paid in cash or common stock at 85% of VWAP; Company must reserve 45M shares.
Proceeds will fund Phase 3 trial of NRX-101 for suicidal bipolar depression and PTSD.
Note includes participation right for Streeterville on future debt issuances and most-favored-nation clause.

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

NRX Pharmaceuticals, Inc. incurred loan of $11,020,000 million with Streeterville Capital, LLC at 9% interest rate maturing 18 months from the issuance date.

Instrument: loan
Principal: $11,020,000 million
Counterparty: Streeterville Capital, LLC
Rate: 9% interest rate
Maturity: 18 months from the issuance date
Event: incurrence

Exact text from the filing

On November 4, 2022, NRx Pharmaceuticals, Inc. (“NRx” or the “Company”) entered into a Securities Purchase Agreement (“SPA”) with Streeterville Capital, LLC, a Utah limited liability company (“Lender”), and, pursuant to the SPA, issued to the Lender an unsecured promissory note with a face amount of $11,020,000 million (the “Note”) before an original issue discount of $1,000,000, which was deducted from the proceeds of the Note.

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Source: SEC EDGAR

accession 0001104659-22-116578

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