secwatch.observer — SEC 8-K summary
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Issuer:     PURE BIOSCIENCE, INC. (PURE)
CIK:        0001006028
Form:       8-K
Filed at:   2024-03-27T23:59:59+00:00
Accession:  0001493152-24-011536
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pure Bioscience raises $500K via convertible notes from director; up to $3M total
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006028/000149315224011536/0001493152-24-011536-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006028/000149315224011536/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-011536

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer