Lunai Bioworks Inc. (LNAI): debt financing — Renovaro raises $2M via 5% OID convertible notes at 12% interest, due Sept 2024

Lunai Bioworks Inc.

Aggregate principal $2,105,264; gross proceeds $2,000,000 after 5% original issue discount.
Notes bear 12% annual interest and mature September 5, 2024; convertible only upon Qualified Offering (≥$10M) or at maturity.
Conversion price at 95% of Qualified Offering price or closing price at maturity, subject to floor of $4.50 per share.
One note issued Sept 5, 2023 for $526,316 has a floor at 105% of Nasdaq closing price preceding issuance.
Notes sold to five non-U.S. persons under Regulation S; proceeds for therapy development and working capital.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lunai Bioworks Inc. incurred convertible notes of $2,105,264 with five investors at 12% per annum maturing September 5, 2024.

Instrument: convertible notes
Principal: $2,105,264
Counterparty: five investors
Rate: 12% per annum
Maturity: September 5, 2024
Event: incurrence

Exact text from the filing

Agreements with five investors (the “Investors”) to purchase 5% Original Issue Discount Convertible Promissory Notes (the “Notes”) for an aggregate principal amount of $2,105,264. The Company received a total of $2,000,000 in gross proceeds from the offering, taking into account the 5% original issue discount. The Notes bear an interest rate of 12%

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Lunai Bioworks Inc. entered into Subscription Agreements with five investors valued at aggregate principal amount of $2,105,264 (effective 2023-09-05).

Action: entry
Agreement: notes offering
Counterparty: five investors
Value: aggregate principal amount of $2,105,264
Effective: 2023-09-05

Exact text from the filing

Between September 5, 2023 and October 5, 2023, Renovaro Biosciences Inc. (the “Company”) entered into Subscription Agreements with five investors (the “Investors”) to purchase 5% Original Issue Discount Convertible Promissory Notes (the “Notes”) for an aggregate principal amount of $2,105,264.

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102 debt financings filed in the last 30 days. Browse all debt financings →

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Source: SEC EDGAR

accession 0001731122-23-001841

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