Kiromic BioPharma issues $2M senior secured convertible note at 25%, convertible at $2.50

Kiromic Biopharma, Inc.

Issued $2,000,000 25% Senior Secured Convertible Promissory Note to an accredited investor.
Note matures April 2, 2025; interest rate 25% (27% upon default).
Initial conversion price $2.50 per share, with 19.99% beneficial ownership limitation.
Note secured by all fixtures, equipment, and intellectual property of the company.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Kiromic Biopharma, Inc. entered into 25% Senior Secured Convertible Promissory Note with an accredited investor valued at principal amount $2,000,000; 25% interest per annum; convertible at $2.50 per share (effective 2024-04-02).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: principal amount $2,000,000; 25% interest per annum; convertible at $2.50 per share
Effective: 2024-04-02

Exact text from the filing

On April 2, 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 0001558370-24-004786

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