---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-017011"
form_type: "8-K"
ticker: "PDSB"
cik: "0001472091"
company_name: "PDS Biotechnology Corp"
filed_at: "2025-05-02T23:59:59+00:00"
generated_at: "2026-05-22T22:34:33.759894+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# PDS Biotech closes $22.2M convertible debenture + warrant financing; repays Horizon loan

## Summary
- Issued $22.2M face-value Senior Secured Convertible Debentures (net $20M) to buyers including JGB Partners LP.
- Proceeds used to retire ~$19M Horizon Technology Finance loan; remainder for general corporate purposes.
- Debentures mature April 20, 2028; interest at prime rate +5% (min 6%), convertible at $2.52/share.
- Warrants to purchase 1M shares at $2.52/share (100% premium to 5-day VWAP), exercisable for 10 years.
- Company must maintain cash balance ≥ lesser of $15M or outstanding principal plus $3M; restrictive covenants apply.

## SEC filing metadata
- accession: 0001140361-25-017011
- form_type: 8-K
- ticker: PDSB
- cik: 0001472091
- company_name: PDS Biotechnology Corp
- filed_at: 2025-05-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1472091/000114036125017011/0001140361-25-017011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1472091/000114036125017011/ef20048241_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-017011
- JSON: https://secwatch.observer/filing/0001140361-25-017011.json
- Plain text: https://secwatch.observer/filing/0001140361-25-017011.txt

## Key facts
- Debt Financings
  PDS Biotechnology Corp incurred senior notes of $22,222,222 with JGB Collateral LLC, as Collateral Agent, and the Buyers parties to the Securities Purchase Agreement at prime rate noted in The Wall Street Journal, Money Rates section plus 5% per ann maturing April 20, 2028.
  - Instrument: senior notes
  - Principal: $22,222,222
  - Counterparty: JGB Collateral LLC, as Collateral Agent, and the Buyers parties to the Securities Purchase Agreement
  - Rate: prime rate noted in The Wall Street Journal, Money Rates section plus 5% per ann
  - Maturity: April 20, 2028
  - Event: incurrence
  source text: Pursuant to the Purchase Agreement, the Company agreed to sell to the Buyers (i) Senior Secured Convertible Debentures (the “ Debentures ”) in an aggregate principal amount of $22,222,222 and (ii) warrants to purchase up to 1,000,000 shares of common stock, par value $0.00033 per share (the “ Common Stock ”), for an exercise price of $2.52 per share, which is
  evidence_url: https://www.sec.gov/Archives/edgar/data/1472091/000114036125017011/0001140361-25-017011-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.