secwatch.observer — SEC 8-K summary
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Issuer:     Kiromic Biopharma, Inc. (—)
CIK:        0001792581
Form:       8-K
Filed at:   2023-10-02T23:59:59+00:00
Accession:  0001558370-23-016190
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Kiromic BioPharma issues $2.4M 25% senior secured convertible note due Sept 2024
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- Issued $2.4M 25% senior secured convertible note to accredited investor on Sept 27, 2023.
- Note matures Sept 27, 2024; convertible into common at $5.00/share; secured by IP and equipment.
- Beneficial ownership limited to 9.99%; default rate rises to 27%; share cap under Nasdaq rules.
- Company may incur additional senior or pari passu debt; holder may need to enter intercreditor agreements.
- Amounts funded by wire; proceeds not specified; reliance on Section 4(a)(2) exemption.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1792581/000155837023016190/0001558370-23-016190-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1792581/000155837023016190/krbp-20230927x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-016190

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