PURE BIOSCIENCE, INC. (PURE): debt financing — Pure Bioscience raises $500K via convertible notes from director; up to $3M total

PURE BIOSCIENCE, INC.

Initial $500,000 private placement of convertible promissory notes to accredited investors, including board member Tom Y. Lee.
Interest at 7.81% compounded annually; maturity 3 years from issuance.
Conversion price tied to 30-day VWAP, with floor $0.13 and cap $0.21 per share.
Subsequent closings allowed up to $3M aggregate principal through July 31, 2024.
Notes convertible at holder's or company's option; automatic conversion after one year if majority holders elect.

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 $500,000 with certain accredited investors at 7.81%, compounded annually maturing the third-year anniversary of the date of issuance.

Instrument: convertible notes
Principal: $500,000
Counterparty: certain accredited investors
Rate: 7.81%, compounded annually
Maturity: the third-year anniversary of the date of issuance
Event: incurrence

Exact text from the filing

On March 22, 2024, 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 $500,000 (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 $500,000 (effective 2024-03-22).

Action: entry
Agreement: notes offering
Counterparty: certain accredited investors
Value: $500,000
Effective: 2024-03-22

Exact text from the filing

On March 22, 2024, 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 $500,000 (the “Private Placement”).

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

PURE BIOSCIENCE, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-011536

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