XBiotech Inc. (XBIT): debt financing — XBiotech enters $10M convertible loan from CEO to fund new R&D facility

XBiotech Inc.

$10M loan from CEO John Simard at 8% simple interest, secured by real estate and cash.
Loan convertible to common stock at $4.048/share at CEO's election, subject to ownership cap.
Interest-only payments semi-annually; CEO can demand cash repayment after one year.
Funds will construct a 46,000+ sq ft R&D facility on 48-acre Austin campus; construction starts Q1 2024.
New facility supports Natrunix rheumatology program and infectious disease research.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

XBiotech Inc. incurred loan of $10 million with John Simard at eight percent per year.

Instrument: loan
Principal: $10 million
Counterparty: John Simard
Rate: eight percent per year
Event: incurrence

Exact text from the filing

On January 3, 2024, XBiotech Inc. (“XBiotech” or the “Company”) entered into a Convertible Loan Agreement (the “Loan”) with John Simard, the Company’s Founder, President, Chief Executive Officer and Chairman. The Loan provides $10 million in immediate funding for the construction of a new, state-of-the-art research and development facility at 5217 Winnebago Lane in Austin, Texas. The Loan is secured by the real estate and cash holdings of the Company, with interest to accrue at a simple rate equal to eight percent per year and interest-only payments to be made at six-month intervals after the Loan is funded.

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

XBiotech Inc. entered into Convertible Loan Agreement with John Simard valued at $10 million (effective 2024-01-03).

Action: entry
Agreement: notes offering
Counterparty: John Simard
Value: $10 million
Effective: 2024-01-03

Exact text from the filing

On January 3, 2024, XBiotech Inc. (“XBiotech” or the “Company”) entered into a Convertible Loan Agreement (the “Loan”) with John Simard, the Company’s Founder, President, Chief Executive Officer and Chairman.

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283 debt financings filed in the last 30 days. Browse all debt financings →

XBiotech Inc. filing history →

Source: SEC EDGAR

accession 0001171843-24-000056

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