Picard Medical issues $1.0M unsecured convertible notes with $4.00 conversion floor and pre-funded warrants

Picard Medical, Inc.

• Picard Medical (PMI) issued three unsecured convertible notes to accredited investors on Sept 30, 2026, with $1.0M aggregate principal and 3.0% annual interest.
• Notes mature Sept 30, 2027; holders may convert at the higher of $4.00 or the prior closing price, capping principal conversion at 250,000 shares.
• Each conversion share comes with a pre-funded warrant for one share at $0.0001, exercisable 60 days after issuance and expiring two years later.
• Company may force conversion if it raises at least $10.0M in gross equity proceeds; issuances are capped at 19.99% of outstanding shares until stockholder approval.
• Holders cannot convert if it would make them beneficial owners of more than 4.99% of Picard Medical's outstanding common stock.