Arch Therapeutics, Inc.: debt financing — Arch Therapeutics receives $250K advance from SPA purchaser; warrants may replace repayment if closing delayed

Arch Therapeutics, Inc.

Advancing Purchaser provided $250,000 as partial prepayment under November 2023 SPA.
If closing fails by March 31, 2024, purchaser can take pre-funded warrants for 484,966 shares and common warrants for 484,966 shares instead of repayment.
If Nasdaq listing not approved by March 31, Company must issue additional 121,241 pre-funded and common warrants (25% increase) by April 2.
Warrant exercise price referenced as $0.5155 per pre-funded warrant; total potential dilution exceeds 1 million shares.
Advance triggers new direct financial obligation under Item 2.03 disclosure.

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. incurred debt of $250,000 with Advancing Purchaser.

Principal: $250,000
Counterparty: Advancing Purchaser
Event: incurrence

Exact text from the filing

On February 27, 2024, a purchaser party (the “Advancing Purchaser”) to the previously disclosed Securities Purchase Agreement (the “SPA”) dated November 8, 2023, among Arch Therapeutics, Inc. (the “Company”) and the purchasers party thereto, advanced the Company an aggregate of $250,000 (the “Advance”), which Advance is being treated as partial prepayment of the purchase price for the Advancing Purchaser under the SPA.

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Source: SEC EDGAR

accession 0001437749-24-006302

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