Avalon GloboCare Corp. (ALBT): debt financing — AVALON GLOBOCARE issues $500K 13% convertible note with Firstfire; net proceeds $475K after OID

Avalon GloboCare Corp.

$500,000 principal 13% senior secured convertible note issued to Firstfire; net proceeds $475K after $25K OID and $8.5K legal fee withheld.
Conversion price $4.50 per share (floor $1.50 if amortization missed), convertible into common stock.
Issued warrants to purchase 41,665 shares at $4.50 and 35,165 shares at $3.20, plus 25,000 commitment shares as additional consideration.
Proceeds used for general corporate purposes; note secured by assets of Company and subsidiaries.
Transaction closed July 7, 2023; securities issued under Section 4(a)(2) exemption.

item 1.01 item 2.03 item 3.02 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

Avalon GloboCare Corp. incurred convertible notes of $500,000.00 with Firstfire Global Opportunities Fund, LLC at 13%.

Instrument: convertible notes
Principal: $500,000.00
Counterparty: Firstfire Global Opportunities Fund, LLC
Rate: 13%
Event: incurrence

Exact text from the filing

On July 6, 2023, AVALON GLOBOCARE CORP. (the “ Company ”) entered into securities purchase agreements (the “ Securities Purchase Agreements ”) with Firstfire Global Opportunities Fund, LLC (“ Firstfire ”) for the issuance of 13% senior secured promissory notes in the aggregate principal amount of $500,000.00

View on SEC.gov

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

Avalon GloboCare Corp. entered into Securities Purchase Agreements with Firstfire Global Opportunities Fund, LLC valued at $500,000.00 (effective 2023-07-06).

Action: entry
Agreement: notes offering
Counterparty: Firstfire Global Opportunities Fund, LLC
Value: $500,000.00
Effective: 2023-07-06

Exact text from the filing

On July 6, 2023, AVALON GLOBOCARE CORP. (the “ Company ”) entered into securities purchase agreements (the “ Securities Purchase Agreements ”) with Firstfire Global Opportunities Fund, LLC (“ Firstfire ”) for the issuance of 13% senior secured promissory notes in the aggregate principal amount of $500,000.00

View on SEC.gov

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

Avalon GloboCare Corp. filing history →

Source: SEC EDGAR

accession 0001213900-23-055582

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