secwatch.observer — SEC 8-K summary
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Issuer:     Kiromic Biopharma, Inc. (—)
CIK:        0001792581
Form:       8-K
Filed at:   2024-04-02T23:59:59+00:00
Accession:  0001558370-24-004614
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Kiromic exchanges $8M in 25% convertible notes for Series D preferred stock
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- Exchanged $8M aggregate principal of 25% Senior Secured Convertible Promissory Notes for 8,000 shares of Series D Convertible Voting Preferred Stock.
- Series D preferred carries 25% annual compounded dividend, conversion price $2.50/share, and liquidation preference senior to common.
- Exchange made under Section 3(a)(9) with no additional cash; note holder released all claims related to old notes.
- Preferred stock has voting rights on as-converted basis; Company may redeem at any time for liquidation preference.
- Holding period for Rule 144 resale tacks back to original note issuance date.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1792581/000155837024004614/0001558370-24-004614-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1792581/000155837024004614/krbp-20240328x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-004614

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