Kiromic Biopharma, Inc.: debt financing — Kiromic BioPharma issues $2M 25% senior secured convertible note due April 2024

Kiromic Biopharma, Inc.

Principal $2M; interest 25% per annum (27% on default); matures April 25, 2024.
Convertible at $6.50 per share, subject to 9.99% beneficial ownership limitation and share cap (0.1999 × 979,243 shares).
Note secured by all fixtures, equipment, and intellectual property of the company.
Issued to an accredited investor under Section 4(a)(2) exemption from registration.
Company may incur additional debt that is senior, pari passu, or junior to this note.

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

Kiromic Biopharma, Inc. incurred convertible notes of $2,000,000 with an accredited investor at 25% per annum maturing April 25, 2024.

Instrument: convertible notes
Principal: $2,000,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: April 25, 2024
Event: incurrence

Exact text from the filing

On April 25, 2023, Kiromic BioPharma, Inc. (the “Company”) issued a 25% Senior Secured Convertible Promissory Note (the “Note”) to an accredited investor. The Note has a principal amount of $2,000,000, bears interest at a rate of 25% per annum (the “Stated Rate”) and matures on April 25, 2024 (the “Maturity Date”)

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

Kiromic Biopharma, Inc. entered into 25% Senior Secured Convertible Promissory Note with accredited investor valued at $2,000,000 (effective 2023-04-25).

Action: entry
Agreement: notes offering
Counterparty: accredited investor
Value: $2,000,000
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, Kiromic BioPharma, Inc. (the “Company”) issued a 25% Senior Secured Convertible Promissory Note (the “Note”) to an accredited investor. The Note has a principal amount of $2,000,000

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-007315

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