secwatch.observer — SEC 8-K summary
======================================

Issuer:     Decoy Therapeutics Inc. (DCOY)
CIK:        0001615219
Form:       8-K
Filed at:   2025-07-21T23:59:59+00:00
Accession:  0001615219-25-000072
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Salarius amends merger agreement to allow Decoy noteholders to exchange debt for Series B Preferred
--------------------------------------------------------------------------------

- Third Amendment dated July 18, 2025 allows holders of Decoy promissory notes to exchange debt for newly created Series B Non-Voting Convertible Preferred Stock.
- Series B converts into common shares at a ratio based on the per-share offering price in the required $6.0M Qualified Financing.
- Pre-Qualified Financing ownership percentages unchanged: Salarius legacy stockholders retain 7.6%, Decoy legacy stockholders retain 92.4%.
- Mandatory redemption requires 50% of net proceeds from ATM draws or equity line of credit to redeem Series B shares until fully redeemed.
- Series B conversion requires stockholder approval and Nasdaq initial listing satisfaction; automatic conversion one year after conversion approval date.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1615219/000161521925000072/0001615219-25-000072-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1615219/000161521925000072/flks-20250718.htm
  HTML page:      https://secwatch.observer/filing/0001615219-25-000072

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer