Arch Therapeutics, Inc.: debt financing — Arch Therapeutics amends prior advances and secures $250K new advances; extends closing deadline to March 31, 2024

Arch Therapeutics, Inc.

Prior advances of $500K amended; closing deadline extended from Feb 29 to Mar 31, 2024.
If no closing by Mar 31, lenders may elect to receive pre-funded warrants and common warrants for 484,966 shares each.
If Nasdaq listing not approved by Mar 31, company must issue additional warrants for 121,241 shares each by Apr 2.
Two additional purchasers advanced $250K in new advances, subject to same New Advance Terms.

item 2.03

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

Arch Therapeutics, Inc. amended debt of $500,000 with Prior Advancing Purchasers maturing March 31, 2024.

Principal: $500,000
Counterparty: Prior Advancing Purchasers
Maturity: March 31, 2024
Event: amendment

Exact text from the filing

November 8, 2023, among Arch Therapeutics, Inc. (the “Company”) and the purchasers party thereto, including the Prior Advancing Purchasers, advanced the Company an aggregate of $500,000 (the “Prior Advances”), which Prior Advances were treated as partial prepayment of the purchase price for the Prior Advancing Purchasers under the SPA. Under the Prior Advance, if

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Arch Therapeutics, Inc. incurred debt of $250,000 with New Advancing Purchasers.

Principal: $250,000
Counterparty: New Advancing Purchasers
Event: incurrence

Exact text from the filing

on February 1, 2024, two additional purchaser parties to the SPA (the “New Advancing Purchasers”) advanced the Company an aggregate of $250,000 (the “New Advances”), which New Advances are also being treated as partial prepayment of the purchase price for the New Advancing Purchasers under the SPA and will also be subject to the New Advance Terms.

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Source: SEC EDGAR

accession 0001437749-24-003376

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