ABVC BioPharma secures $3.175M investment from Lind Partners via convertible note and warrant

ABVC BIOPHARMA, INC.

Issued $3.704M secured convertible note to Lind Global Fund II, LP for net proceeds of $3.175M; initial conversion price $1.05/share.
Also issued warrant to purchase up to 5,291,667 shares at $1.05/share; monthly payments start after 6 months, can be in cash or stock.
Proceeds to fund Phase II trials for Vitargus (retinal surgery device) and ABV-1505 (ADHD drug).
Note carries no interest; cash payments include 5% premium; default triggers 120% of outstanding principal.
Placement agent Allele Capital Partners receives 6% cash fee and warrants for 6% of shares issuable.

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

ABVC BIOPHARMA, INC. entered into Securities Purchase Agreement with Lind Global Fund II, LP valued at $3,704,167 (effective 2023-02-23).

Action: entry
Agreement: equity purchase
Counterparty: Lind Global Fund II, LP
Value: $3,704,167
Effective: 2023-02-23

Exact text from the filing

On February 23, 2023, ABVC BioPharma, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Lind Global Fund II, LP (“Lind”), pursuant to which the Company would issue Lind a secured, convertible note in the principal amount of $3,704,167 (the “Offering”), for a purchase price of $3,175,000 (the “Note”), that is convertible into shares of the Company’s common stock at an initial conversion price of $1.05 per share, subject to adjustment (the “Note Shares”).

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Source: SEC EDGAR

accession 0001213900-23-014358

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