Loan & DebtJun 29, 2026, 05:16 PM
Oncotelic Therapeutics Secures $178.4K Convertible Note Financing
AI Summary
Oncotelic Therapeutics, Inc. entered into a Securities Purchase Agreement with Pacific Pier Capital II, LP, securing $178,410 in gross principal via a convertible promissory note. The note carries a 12% interest rate and a 12% original issue discount, maturing in one year. As part of the financing, the company also issued 500,000 commitment shares. The note is convertible into common stock at a fixed price of $0.06 per share or 85% of the lowest traded price, subject to a 4.99% beneficial ownership limitation.
Key Highlights
- Secured $178,410 gross principal through a convertible promissory note.
- Note includes a 12% original issue discount and 12% annual interest rate.
- Maturity date for the note is one year from June 23, 2026.
- Conversion price is $0.06 per share or 85% of the lowest traded price.
- Issued 500,000 common shares as commitment shares to Pacific Pier Capital II, LP.
- Actual purchase price paid for the note was $157,000.80.
- Conversion is limited to 4.99% beneficial ownership of outstanding common stock.
Price Impact
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