Peak Bio (PKBO) has released an update.
Peak Bio, Inc. has successfully secured multiple rounds of financing through convertible note agreements with investors, totaling $2,238,000. These notes, which will mature in a year from the initial closing date and carry a 10% interest rate, can automatically convert into common stock if a business merger occurs or optionally convert at a discounted rate if the stock is listed on a public exchange by maturity. Investors in these notes will also receive registration rights in future equity financings, aligning their interests with those of new investors.
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