Arch Therapeutics closes $648K convertible note tranche, extends note maturity

Arch Therapeutics, Inc.

Fourth closing issued $648K aggregate principal (with $108K OID), warrants for 130,383 shares, and 9,779 inducement shares; net proceeds ~$450K.
Notes amended: upon uplist, 95% of outstanding principal auto-converts at $0.50; maturity and uplist deadline extended to April 30, 2024.
Fourth Notes bear 10% interest, convertible at $9.14, and have default premium of 125%.
Fourth Warrants priced at $9.94, 5-year term, with beneficial ownership limitation of 4.99%-9.99%.
Company intends proceeds for working capital; prior notes also amended (Amendments No. 15, 10, 1).

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

Arch Therapeutics, Inc. entered into Amendment No. 3 to the SPA with certain Investors valued at $648,000 (effective 2024-03-12).

Action: entry
Agreement: equity purchase
Counterparty: certain Investors
Value: $648,000
Effective: 2024-03-12

Exact text from the filing

), with certain Investors in connection with the fourth closing of the Convertible Notes Offering for the issuance and sale by the Company to such Investors of an aggregate of (i) Unsecured Convertible Promissory Notes

View on SEC.gov

548 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001437749-24-008311

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.