SeaStar Medical Holding Corp (ICU): debt financing — SeaStar Medical closes initial $3.3M tranche of $9.8M convertible note private placement

SeaStar Medical Holding Corp

Initial note: $3.26M face, 8% OID, 7% interest, matures June 15, 2024; net proceeds $2.37M.
Conversion price $2.70/share; warrant to buy 328,352 shares at $2.97, five-year term.
Up to $9.8M total via three additional closings, contingent on registration and shareholder approval.
Extended maturity of existing promissory notes from Maxim Group and LM Funding to June 2024.

item 1.01 item 2.03 item 3.02 item 7.01 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 1.0

SeaStar Medical Holding Corp incurred convertible notes of $3,260,869.57 with an institutional investor at 7% maturing June 15, 2024.

Instrument: convertible notes
Principal: $3,260,869.57
Counterparty: an institutional investor
Rate: 7%
Maturity: June 15, 2024
Event: incurrence

Exact text from the filing

the Company issued a Note, convertible into 1,207,729 shares of Common Stock at an initial conversion price of $2.70, in a principal amount of $3,260,869.57

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

SeaStar Medical Holding Corp entered into Securities Purchase Agreement with an institutional investor valued at up to approximately $9.8 million (effective 2023-03-15).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: up to approximately $9.8 million
Effective: 2023-03-15

Exact text from the filing

On March 15, 2023, SeaStar Medical Holding Corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Purchaser”), pursuant to which the Company agreed to sell and issue to the Purchaser, in a series of up to four closings, senior unsecured convertible notes (the “Notes”), convertible into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), in a principal amount of up to approximately $9.8 million and warrants (the “Warrants”) to purchase shares of the Company’s Common Stock.

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

SeaStar Medical Holding Corp entered into Registration Rights Agreement with the Purchaser (effective 2023-03-15).

Action: entry
Counterparty: the Purchaser
Effective: 2023-03-15

Exact text from the filing

On March 15, 2023, in connection with the sale and issuance of the Notes and Warrants, the Company entered into a Registration Rights Agreements (the “Registration Rights Agreement”) with the Purchaser.

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SeaStar Medical Holding Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-072022

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