Vitro Biopharma, Inc.: debt financing — Vitro BioPharma issues $218,750 senior secured convertible note at 20% OID, with warrants

Vitro Biopharma, Inc.

Principal amount $218,750; purchase price $175,000 (20% original issue discount).
Interest accrues at 20% annual rate from earlier of maturity or Event of Default; payable monthly.
Maturity date May 16, 2024, extendable to August 16, 2024 at Company's option.
Convertible into common stock at 70% (or 60% if extended) of Liquidity Event Price (IPO/Direct Listing).
Warrants exercisable for 5 years; exercise price based on Liquidity Event Price or $95M valuation.

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

Vitro Biopharma, Inc. incurred convertible notes of $218,750 with an accredited investor at 20% maturing the earlier of (i) May 16, 2024, and (ii) the occurrence of a Liquidity Event.

Instrument: convertible notes
Principal: $218,750
Counterparty: an accredited investor
Rate: 20%
Maturity: the earlier of (i) May 16, 2024, and (ii) the occurrence of a Liquidity Event
Event: incurrence

Exact text from the filing

On April 11, 2024, Vitro BioPharma, Inc. (the “Company”) issued and sold to an accredited investor, in a private placement, (i) a senior secured convertible note (the “Note”) in the principal amount of $218,750, for a purchase price of $175,000 (reflecting a 20% original issue discount), and warrants to purchase shares of common stock of the Company (the “Warrants”), pursuant to a previously disclosed securities purchase agreement, dated November 16, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.4

Vitro Biopharma, Inc. entered into securities purchase agreement with an accredited investor (effective 2023-11-16).

Agreement: equity purchase
Counterparty: an accredited investor
Effective: 2023-11-16

Exact text from the filing

(the “Company”) issued and sold to an accredited investor, in a private placement, (i) a senior secured convertible note (the “Note”) in the principal amount of $218,750, for a purchase price of $175,000

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Source: SEC EDGAR

accession 0001493152-24-015061

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