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ALLARITY THERAPEUTICS INC | 8-K: Current report

SEC announcement ·  Mar 15 09:15
Summary by Moomoo AI
On March 14, 2024, Allarity Therapeutics, Inc. (Allarity Therapeutics), a biotechnology firm, reported the completion of a subsequent closing as part of a previously disclosed securities purchase agreement with 3i, LP. The company issued a senior convertible promissory note with a principal amount of $660,000, due on March 14, 2025, for a purchase price of $600,000. This transaction is intended to provide Allarity Therapeutics with working capital and funds for accounts payable. The note carries an 8% annual interest rate, with the first payment due on April 1, 2024, and monthly payments thereafter. The interest can be paid in cash or in common stock at the purchaser's discretion. The note is convertible into common stock at a set price of $0.3501 per share, subject to certain ownership limitations. Additionally, Allarity...Show More
On March 14, 2024, Allarity Therapeutics, Inc. (Allarity Therapeutics), a biotechnology firm, reported the completion of a subsequent closing as part of a previously disclosed securities purchase agreement with 3i, LP. The company issued a senior convertible promissory note with a principal amount of $660,000, due on March 14, 2025, for a purchase price of $600,000. This transaction is intended to provide Allarity Therapeutics with working capital and funds for accounts payable. The note carries an 8% annual interest rate, with the first payment due on April 1, 2024, and monthly payments thereafter. The interest can be paid in cash or in common stock at the purchaser's discretion. The note is convertible into common stock at a set price of $0.3501 per share, subject to certain ownership limitations. Additionally, Allarity Therapeutics has agreed to register the resale of shares issued upon conversion of the note with the SEC and has amended the conversion price of its Series A Preferred Stock to the same price of $0.3501. The company has also filed the Seventh Certificate of Amendment to reflect this new conversion price. The sale of the securities was made to an accredited investor and was exempt from registration under the Securities Act of 1933.

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