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

Kiromic Biopharma, Inc.

Principal $2M, interest 25% (27% on default), matures Dec 12, 2024.
Convertible at $2.50/share; beneficial ownership limitation of 9.99%.
Secured by all fixtures, equipment, and intellectual property of the company.
Senior to subordinated debt and equity; company may incur additional senior/pari/junior debt.
Issued in private placement under Section 4(a)(2) of Securities Act.

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 senior notes of $2,000,000 with an accredited investor at 25% per annum maturing December 12, 2024.

Instrument: senior notes
Principal: $2,000,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: December 12, 2024
Event: incurrence

Exact text from the filing

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 December 12, 2024 (the “Maturity Date”), on which the principal balance and accrued but unpaid

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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 an accredited investor valued at $2,000,000 (effective 2023-12-12).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: $2,000,000
Effective: 2023-12-12

Exact text from the filing

On December 12, 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

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Source: SEC EDGAR

accession 0001558370-23-019843

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