secwatch.observer — SEC 8-K summary
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Issuer:     NANOVIRICIDES, INC. (NNVC)
CIK:        0001379006
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001104659-23-097802
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

NanoViricides issues $1.5M convertible note to TheraCour in lieu of milestone payment
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- Issued $1.5M convertible promissory note to TheraCour (related party) in lieu of $1.5M cash milestone payment under Licensing Agreement.
- Note bears 12% annual interest, matures January 19, 2025; convertible into Series A Convertible Preferred Stock.
- Dr. Anil Diwan (President/Chairman) owns ~90% of TheraCour; recused from board vote on agreement.
- Note replaces milestone payment obligation for Initiation of Phase 1 Clinical Trials or Equivalent milestone.
- Company retains customary representations and warranties; note is unregistered security.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1379006/000110465923097802/0001104659-23-097802-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1379006/000110465923097802/tm2325384d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-097802

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer