Kiromic Biopharma, Inc.: debt financing — Kiromic BioPharma issues $1M 25% secured convertible note to existing holder

Kiromic Biopharma, Inc.

Note principal $1,000,000, 25% interest p.a., matures Jan 28, 2026.
Convertible at 90% of 5-day VWAP starting Feb 28, 2025, subject to 19.99% beneficial ownership limit.
Secured by all company fixtures, equipment, and intellectual property.
Same holder now holds $13.2M aggregate principal across 8 notes plus preferred stock.
Issued under Section 4(a)(2) exemption; prepayable without penalty on 10 days' notice.

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

Kiromic Biopharma, Inc. incurred convertible notes of $1,000,000 with an accredited investor at 25% per annum maturing January 28, 2026.

Instrument: convertible notes
Principal: $1,000,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: January 28, 2026
Event: incurrence

Exact text from the filing

BioPharma, Inc. (the “Company”) issued a 25% Senior Secured Convertible Promissory Note (the “Note”) to an accredited investor (the “Holder”). The Note has a principal amount of $1,000,000, bears interest at a rate of 25% per annum (the “Stated Rate”) and matures on January 28, 2026 (the “Maturity Date”), on which the principal balance and accrued but unpaid interest

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Source: SEC EDGAR

accession 0001437749-25-002474

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