Allarity Therapeutics extends Series A conversion price adjustment indefinitely; discloses 2023 budget of ~$21.7M

Allarity Therapeutics, Inc.

Conversion price (lower of closing price or 5-day avg) for Series A Preferred now indefinite per amendment with 3i, LP.
Proposed 2023 budget: $4.9M milestone payments, $10.5M development costs, $6.3M G&A; total ~$21.7M.
Company intends to finance budget through capital raising; no assurance of sufficient capital.
Series A Preferred issued in May 2021; 3i also holds a secured promissory note from November 2022.

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

Allarity Therapeutics, Inc. amended Letter Agreement with 3i, LP valued at Amendment to extend conversion price modification until terminated by Company and 3i (effective 2023-01-23).

Action: amendment
Counterparty: 3i, LP
Value: Amendment to extend conversion price modification until terminated by Company and 3i
Effective: 2023-01-23

Exact text from the filing

On January 23, 2023, the Company and 3i amended the Letter Agreement to provide the term Conversion Price will be in effect until terminated by the Company and 3i.

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Allarity Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-004263

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