Kiromic Biopharma, Inc.: debt financing — Kiromic BioPharma issues $2.4M 25% senior secured convertible note due July 2024

Kiromic Biopharma, Inc.

Principal amount of $2,400,000 with 25% annual interest (27% upon default), matures July 25, 2024.
Convertible into common stock at $6.50 per share, subject to 9.99% beneficial ownership cap.
Secured by all of the company's fixtures, equipment, and intellectual property.
Issued to an accredited investor in reliance on Section 4(a)(2) exemption.
Prepayment permitted without penalty; Holder may convert after prepayment notice.

item 1.01 item 2.03 item 3.02 item 9.01

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 $2,400,000 at 25% per annum maturing July 25, 2024.

Instrument: convertible notes
Principal: $2,400,000
Rate: 25% per annum
Maturity: July 25, 2024
Event: incurrence

Exact text from the filing

On July 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 $2,400,000, bears interest at a rate of 25% per annum (the “Stated Rate”) and matures on July 25, 2024 (the “Maturity Date”), on which the principal balance and accrued but unpaid interest under the Note shall be due and payable.

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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 valued at $2,400,000 (effective 2023-07-25).

Action: entry
Agreement: notes offering
Value: $2,400,000
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, Kiromic BioPharma, Inc. (the “Company”) issued a 25% Senior Secured Convertible Promissory Note (the “Note”) to an accredited investor.

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Source: SEC EDGAR

accession 0001558370-23-012422

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