Loan & DebtJul 31, 2026, 09:29 AM
Origin Agritech Issues Senior Convertible Promissory Note
AI Summary
Origin Agritech LTD has issued a Senior Convertible Promissory Note, maturing three years from the final funding date. The note allows the purchaser to convert the principal into common stock at a conversion price of US$1.50 per share, subject to anti-dilution adjustments. The company can prepay the note without penalty, and the shares issued upon conversion will be subject to a six-month lock-up period. This issuance was conducted as a private placement.
Key Highlights
- Note matures three years from the Final Funding Date.
- Purchaser can convert principal into common stock at US$1.50 per share.
- After first anniversary, purchaser can require cash repayment of principal plus interest.
- Company can prepay outstanding principal without penalty, with holder consent.
- Note is unsecured and shares issued upon conversion have a six-month lock-up period.
- Issuance was a private placement, exempt from registration.
- As of July 31, 2026, 12,143,526 ordinary shares are issued and outstanding.
Price Impact
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