Propanc Biopharma, Inc. (PPCB): debt financing — Propanc Biopharma defaults on $125K convertible note; enters $5M equity facility

Propanc Biopharma, Inc.

Entered equity line facility for up to $5M over 36 months; shares sold at 80% of lowest VWAP.
Issued $125K 10% convertible note with $25K OID; $12.5K guaranteed interest; due in 7 monthly payments from March 24, 2023.
Company in default as of March 24, 2023 for failure to make payments and reverse split without consent; discussions to cure.
Warrant holder exercised $150K of Series B warrants; terms extended to March 2025.

item 1.01 item 2.03 item 2.04 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

Propanc Biopharma, Inc. reported a default on convertible notes.

Instrument: convertible notes
Event: default

Exact text from the filing

As of March 24, 2023, the Company was in default under the Note for failure to pay the initial and subsequent monthly payments of principal and accrued interest

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Propanc Biopharma, Inc. incurred convertible notes of $125,000 at 10% per annum maturing October 24, 2023.

Instrument: convertible notes
Principal: $125,000
Rate: 10% per annum
Maturity: October 24, 2023
Event: incurrence

Exact text from the filing

the Company issued the Investor a 10% unsecured convertible promissory note, dated November 3, 2022, with an aggregate face value of $125,000

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

Propanc Biopharma, Inc. entered into Purchase Agreement with the Investor valued at $125,000 (effective 2022-11-03).

Action: entry
Agreement: notes offering
Counterparty: the Investor
Value: $125,000
Effective: 2022-11-03

Exact text from the filing

entered into a note purchase agreement (the “Purchase Agreement”), pursuant to which the Company issued the Investor a 10% unsecured convertible promissory note, dated November 3, 2022, with an aggregate face value of $125,000

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

Propanc Biopharma, Inc. entered into Equity Line Agreement with an institutional investor (the “Investor”) valued at $5,000,000 (effective 2022-11-03).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor (the “Investor”)
Value: $5,000,000
Effective: 2022-11-03

Exact text from the filing

entered into a stock purchase agreement (the “Equity Line Agreement”) with an institutional investor (the “Investor”) providing for an equity financing facility, pursuant to which Company has the option to request that the Investor commit to purchase up to $5,000,000 of the Company’s shares

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

Propanc Biopharma, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-017322

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