PURE BIOSCIENCE, INC. (PURE): debt financing — Pure Bioscience raises $1.015M via convertible notes from accredited investors

PURE BIOSCIENCE, INC.

Issued convertible promissory notes for $1.015M initial principal; potential subsequent closings up to $1.8M total.
Notes bear 7.55% annual interest, mature in three years, convertible at 30-day VWAP with $0.15 floor and $0.23 cap.
Board members Tom Y. Lee and Ivan Chen invested $1,000,000 and $15,000 respectively.
Notes sold in private placement under Section 4(a)(2); disinterested board approved.

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

PURE BIOSCIENCE, INC. incurred convertible notes of $1,015,000 at 7.55% maturing third-year anniversary of the date of issuance.

Instrument: convertible notes
Principal: $1,015,000
Rate: 7.55%
Maturity: third-year anniversary of the date of issuance
Event: incurrence

Exact text from the filing

On July 3, 2023, Pure Bioscience, Inc. (the “Company”) entered into a Note Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (“Lenders”) pursuant to which the Company issued the Lenders convertible promissory notes (the “Notes”, collectively with the Note Purchase Agreement, the “Notes Documents”) with an aggregate principal balance of $1,015,000 (the “Private Placement”).

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

PURE BIOSCIENCE, INC. entered into Note Purchase Agreement with certain accredited investors valued at $1,015,000 (effective 2023-07-03).

Action: entry
Agreement: notes offering
Counterparty: certain accredited investors
Value: $1,015,000
Effective: 2023-07-03

Exact text from the filing

On July 3, 2023, Pure Bioscience, Inc. (the “Company”) entered into a Note Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (“Lenders”) pursuant to which the Company issued the Lenders convertible promissory notes (the “Notes”, collectively with the Note Purchase Agreement, the “Notes Documents”) with an aggregate principal balance of $1,015,000 (the “Private Placement”).

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PURE BIOSCIENCE, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-024119

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