ABVC BioPharma amends convertible note with Lind: imposes $1 floor conversion price

ABVC BIOPHARMA, INC.

Amendment to $1.2M secured convertible note sets conversion floor at $1.00, per Nasdaq requirements.
If conversion price hits floor, company must make cash payment to Lind based on formula (A-B)*C.
Lind also received a 5-year warrant to buy 1M shares at $2/share (unchanged from original).
Note originally issued Nov 17, 2023 for $1M purchase price, $1.2M principal.
Amendment waives any prior events of default under transaction documents.

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. amended Amendment to Note with Lind Global Fund II, LP valued at Conversion price floor of $1.00; cash payment to Lind if floor price triggered (effective 2023-11-20).

Action: amendment
Agreement: notes offering
Counterparty: Lind Global Fund II, LP
Value: Conversion price floor of $1.00; cash payment to Lind if floor price triggered
Effective: 2023-11-20

Exact text from the filing

We are filing this amendment to disclose that due to Nasdaq requirements, the parties entered into an amendment to the Note, pursuant to which the conversion price shall have a floor price of $1.00 (the “Amendment”). Additionally, the Amendment requires the Company to make a cash payment to Lind if in connection with a conversion, the conversion price is deemed to be the floor price.

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Source: SEC EDGAR

accession 0001213900-24-018524

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