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

Kiromic Biopharma, Inc.

Principal $2,000,000, interest 25% p.a., matures March 7, 2025.
Secured by all intellectual property, fixtures, and equipment.
Convertible at $2.50 per share; 9.99% beneficial ownership limit applies.
Default rate rises to 27%; events include non-payment or bankruptcy.
Issued to accredited investor under Section 4(a)(2) exemption.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Kiromic Biopharma, Inc. incurred senior notes of $2,000,000 at 25% per annum maturing March 7, 2025.

Instrument: senior notes
Principal: $2,000,000
Rate: 25% per annum
Maturity: March 7, 2025
Event: incurrence

Exact text from the filing

On March 7, 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 March 7, 2025

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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 principal amount of $2,000,000 (effective 2024-03-07).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: principal amount of $2,000,000
Effective: 2024-03-07

Exact text from the filing

On March 7, 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

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-24-002909

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