Kiromic Biopharma, Inc.: debt financing — Kiromic BioPharma issues $2M 25% senior secured convertible note due 2025

Kiromic Biopharma, Inc.

Issued $2,000,000 25% senior secured convertible promissory note to an accredited investor, maturing January 8, 2025.
Note convertible into common stock at $2.50 per share, subject to 9.99% beneficial ownership limitation.
Secured by company's fixtures, equipment, and intellectual property; senior to all subordinated debt and equity.
Interest rate increases to 27% upon event of default; prepayment allowed without penalty.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Kiromic Biopharma, Inc. incurred convertible notes of $2,000,000 with an accredited investor at 25% per annum maturing January 8, 2025.

Instrument: convertible notes
Principal: $2,000,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: January 8, 2025
Event: incurrence

Exact text from the filing

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 January 8, 2025 (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 Note with an accredited investor valued at $2,000,000 (effective 2024-01-08).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: $2,000,000
Effective: 2024-01-08

Exact text from the filing

On January 8, 2024, 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 0001558370-24-000206

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