NKGen Biotech, Inc.: debt financing — NKGen Biotech issues $660k in convertible notes and warrants to two investors

NKGen Biotech, Inc.

Sold $330k principal 12% notes at $300k each (OID $30k) to FirstFire and Meteora, due March 2025.
Each note convertible at $2.00/share; warrants for up to 330k shares each at $2.00.
Total gross proceeds $600k; first 12 months interest ($39,600) guaranteed and earned upfront.
Conversion capped at 4.99% beneficial ownership; Event of Default triggers floor price as low as $0.65.
Notes are unsecured, may convert at Holder's option anytime until maturity; 330 shares reserved per note.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

NKGen Biotech, Inc. incurred convertible notes of $330,000 with Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Captial, LLC at 12% maturing March 26, 2025.

Instrument: convertible notes
Principal: $330,000
Counterparty: Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Captial, LLC
Rate: 12%
Maturity: March 26, 2025
Event: incurrence

Exact text from the filing

On March 26, 2024, the Company issued a 12% promissory note (the “ Meteora Note ”) in the principal amount of $330,000, pursuant to a Securities Purchase Agreement (the “ Meteora Purchase Agreement ”), by and among Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Captial, LLC (collectively, “ Meteora ”) and the Company.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

NKGen Biotech, Inc. incurred convertible notes of $330,000 with FirstFire Global Opportunities Fund, LLC at 12% maturing March 21, 2025.

Instrument: convertible notes
Principal: $330,000
Counterparty: FirstFire Global Opportunities Fund, LLC
Rate: 12%
Maturity: March 21, 2025
Event: incurrence

Exact text from the filing

On March 21, 2024, NKGen Biotech, Inc. (the “ Company ”) issued a 12% promissory note (the “ FirstFire Note ”) in the principal amount of $330,000, pursuant to a Securities Purchase Agreement (the “ FirstFire Purchase Agreement ”), by and between the Company and FirstFire Global Opportunities Fund, LLC (“ FirstFire ”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NKGen Biotech, Inc. entered into Meteora Note with Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC valued at $330,000 principal amount, $30,000 original issue discount (effective 2024-03-26).

Action: entry
Agreement: notes offering
Counterparty: Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC
Value: $330,000 principal amount, $30,000 original issue discount
Effective: 2024-03-26

Exact text from the filing

On March 26, 2024, the Company issued a 12% promissory note (the “ Meteora Note ”) in the principal amount of $330,000, pursuant to a Securities Purchase Agreement (the “ Meteora Purchase Agreement ”), by and among Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Captial, LLC (collectively, “ Meteora ”) and the Company.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NKGen Biotech, Inc. entered into FirstFire Note with FirstFire Global Opportunities Fund, LLC valued at $330,000 principal amount, $30,000 original issue discount (effective 2024-03-21).

Action: entry
Agreement: notes offering
Counterparty: FirstFire Global Opportunities Fund, LLC
Value: $330,000 principal amount, $30,000 original issue discount
Effective: 2024-03-21

Exact text from the filing

On March 21, 2024, NKGen Biotech, Inc. (the “ Company ”) issued a 12% promissory note (the “ FirstFire Note ”) in the principal amount of $330,000, pursuant to a Securities Purchase Agreement (the “ FirstFire Purchase Agreement ”), by and between the Company and FirstFire Global Opportunities Fund, LLC (“ FirstFire ”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-24-039747

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