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

Kiromic Biopharma, Inc.

Principal $2.4M, 25% annual interest, matures Aug 25, 2024.
Convertible into common stock at $5.00 per share, subject to 9.99% beneficial ownership cap.
Secured by all of the Company’s intellectual property and fixtures/equipment.
Issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act.
Company must obtain stockholder approval for conversion shares exceeding Nasdaq share cap (19.99% of outstanding).

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 with an accredited investor at 25% per annum maturing August 25, 2024.

Instrument: convertible notes
Principal: $2,400,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: August 25, 2024
Event: incurrence

Exact text from the filing

On August 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 August 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 Note with an accredited investor valued at $2,400,000 (effective 2023-08-25).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: $2,400,000
Effective: 2023-08-25

Exact text from the filing

On August 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

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-015324

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