Seelos increases convertible note principal by $1.49M to $13.44M, secures forbearance

SEELOS THERAPEUTICS, INC.

Principal increased by $1,492,844 to $13,435,599 effective March 27, 2024.
Holder Lind Global will forbear from asserting Material Adverse Effect based on pre-Sept 30, 2023 events until April 29, 2024.
Company must seek stockholder approval by July 31, 2024 before issuing shares on conversion of the increase.
Minimum cash balance of 50% of outstanding principal resumes after April 29, 2024; waived until then.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SEELOS THERAPEUTICS, INC. amended Amendment No. 5 to Convertible Promissory Note with Lind Global Asset Management V, LLC valued at the outstanding principal amount of the Note was increased by $1,492,844 (the "March 2024 Principal (effective 2024-03-27).

Action: amendment
Counterparty: Lind Global Asset Management V, LLC
Value: the outstanding principal amount of the Note was increased by $1,492,844 (the "March 2024 Principal
Effective: 2024-03-27

Exact text from the filing

Effective March 27, 2024, Seelos Therapeutics, Inc. (the “Company”) and Lind Global Asset Management V, LLC (together with its successors and representatives, the “Holder”) entered into an Amendment No. 5 to Convertible Promissory Note (the “Amendment”), which amended that certain Convertible Promissory Note No. 1 in the initial principal amount of $22,000,000, issued by the Company to the Holder on November 23, 2021, as amended on December 10, 2021, February 8, 2023, May 19, 2023 and September 30, 2023 (as so amended, the “Note”).

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Source: SEC EDGAR

accession 0001104659-24-040106

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