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

Kiromic Biopharma, Inc.

Principal $2,000,000, interest 25% p.a. (27% upon default), matures Feb 12, 2025.
Convertible at $2.50/share into common stock (KRBP), subject to 9.99% beneficial ownership cap.
Note is senior secured; collateral includes all fixtures, equipment, and intellectual property.
Issued to an accredited investor in reliance on Section 4(a)(2) exemption.

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 $2,000,000 with an accredited investor at 25% per annum maturing February 12, 2025.

Instrument: convertible notes
Principal: $2,000,000
Counterparty: an accredited investor
Rate: 25% per annum
Maturity: February 12, 2025
Event: incurrence

Exact text from the filing

On February 12, 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, bears interest at a rate of 25% per annum (the "Stated Rate") and matures on February 12, 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 25% Senior Secured Convertible Promissory Note with an accredited investor valued at $2,000,000 (effective 2024-02-12).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: $2,000,000
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, 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 0001558370-24-001166

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