Ensysce Biosciences, Inc. (ENSC): debt financing — Ensysce amends convertible note terms; lowers conversion price to $0.7512

Ensysce Biosciences, Inc.

Conversion price on remaining $3.34M notes cut from $2.006 to $0.7512 for Jan 12–May 12, 2023.
Company must use best efforts to register additional shares for conversions if registered shares are insufficient.
Accelerations allowed on four conversion notices per month during the period, up from two.
Warrant exercise price unchanged; 466,788 warrants outstanding after October 2022 reverse split.
New conversion price meets Nasdaq's minimum price rule, avoiding stockholder vote requirement.

item 1.01 item 2.03 item 3.02 item 9.01

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

Ensysce Biosciences, Inc. amended senior notes of remaining balance of $3,339,931.

Instrument: senior notes
Principal: remaining balance of $3,339,931
Event: amendment

Exact text from the filing

upon conversion of the Notes if exceeding those shares already registered on a Form S-3 that was declared effective on December 29, 2022. The remaining balance of the Notes was $3,339,931 as of the date of the Letter Agreement. Following the Period, the prior conversion price of $2.006 will apply. In addition, the parties have agreed that to the extent the

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ensysce Biosciences, Inc. amended Letter Agreement with institutional investors (effective 2023-01-12).

Action: amendment
Agreement: equity purchase
Counterparty: institutional investors
Effective: 2023-01-12

Exact text from the filing

On January 12, 2023, the parties to the SPA agreed to a Letter Agreement amending the SPA ("Letter Agreement") to take certain actions.

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41 debt financings filed in the last 30 days. Browse all debt financings →

Ensysce Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-001345

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