Cell Source issues $2.5M convertible note to new board member George Verstraete at 10% interest

Cell Source, Inc.

Appointed George Verstraete to the board; he agreed to loan $2.5M via a convertible promissory note.
Note bears 10% interest per annum, matures in 12 months from March 10, 2022.
Convertible into Series B Preferred Stock at $7.50/share; interest may be paid in cash or common stock at $0.75/share.
For each $500K advanced, Verstraete receives a warrant for 400K common shares at $1.25/share with a 5-year term.

item 1.01 item 5.02

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Appointed

George Verstraete

member of the Board

CLCS · Cell Source, Inc.

Effective: 2022-03-10
Filed: March 11, 2022, 6:59 PM ET

On March 10, 2022, the Board of Directors of the Company appointed George Verstraete as a member of the Board.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

George Verstraete was appointed as member of the Board at Cell Source, Inc..

Action: appointed
Role: member of the Board

Exact text from the filing

On March 10, 2022, the Board of Directors of the Company appointed George Verstraete as a member of the Board.

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Cell Source, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-006672

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