Serina Therapeutics, Inc. (SER): debt financing — AgeX borrows additional $1M from Juvenescence, total $12.66M; issues warrants for 847K shares at $0.59

Serina Therapeutics, Inc.

Borrowed additional $1,000,000 under Secured Convertible Note with Juvenescence. Total outstanding balance now $12,660,000.
Remaining $500,000 line of credit may be drawn subject to Juvenescence's discretion through first anniversary date.
In connection with draw, will issue warrants to purchase 847,457 shares of common stock at $0.59 per share.
Secured Note matures on February 14, 2024; origination fee 4% per draw plus additional 4% after 12 months.

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

Serina Therapeutics, Inc. incurred convertible notes of $1,000,000 with Juvenescence Limited at 4% of the amount each draw of loan funds, which will accrue as each draw is fund maturing February 14, 2024.

Instrument: convertible notes
Principal: $1,000,000
Counterparty: Juvenescence Limited
Rate: 4% of the amount each draw of loan funds, which will accrue as each draw is fund
Maturity: February 14, 2024
Event: incurrence

Exact text from the filing

On December 14, 2022, AgeX borrowed an additional $1,000,000 under the Secured Convertible Promissory Note (the “Secured Note”) dated as of February 14, 2022 with Juvenescence Limited (“Juvenescence”).

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Serina Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-035736

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