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

Kiromic Biopharma, Inc.

Principal $2,000,000, 25% annual interest (27% on default), matures May 1, 2025.
Convertible into common stock at $2.50/share, subject to 19.99% beneficial ownership limitation.
Note is senior secured by all company fixtures, equipment, and intellectual property.
Issued to an accredited investor in reliance on Section 4(a)(2) exemption.
Company may prepay without penalty on 10 days' notice; Holder may convert until prepaid.

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 convertible notes of principal amount of $2,000,000 with an accredited investor at interest at a rate of 25% per annum (the “Stated Rate”) maturing matures on May 1, 2025.

Instrument: convertible notes
Principal: principal amount of $2,000,000
Counterparty: an accredited investor
Rate: interest at a rate of 25% per annum (the “Stated Rate”)
Maturity: matures on May 1, 2025
Event: incurrence

Exact text from the filing

On May 1, 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 May 1, 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 2024-05-01).

Action: entry
Agreement: notes offering
Counterparty: an accredited investor
Value: $2,000,000
Effective: 2024-05-01

Exact text from the filing

On May 1, 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 0001558370-24-006806

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