secwatch.observer — SEC 8-K summary
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Issuer:     Cell Source, Inc. (CLCS)
CIK:        0001569340
Form:       8-K
Filed at:   2022-03-11T23:59:59+00:00
Accession:  0001493152-22-006672
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1569340/000149315222006672/0001493152-22-006672-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1569340/000149315222006672/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-006672

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer