Jun. 4 at 1:41 PM
$NKGN NKGen Biotech, Inc. entered a third amendment to its secured convertible loan with AlpineBrook Capital, adding a new
$2,420,000 secured convertible note and related equity instruments. The company will receive net cash proceeds of
$2,200,000.
The new note bears interest at the loan agreement’s applicable rate and is convertible into common stock at
$0.08 per share, subject to adjustment. NKGen increased the consideration shares payable to the lender to 12,953,947 common shares, to be delivered over 30 months.
The lender also received a new warrant allowing it to buy additional shares at
$0.08 per share for ten years, with the number of shares tied to three times the principal divided by the conversion price and capped by a 9.99% beneficial ownership limit. A voting agreement with key stockholders commits support for increasing authorized common shares to cover shares issuable under the notes, warrants, and consideration share obligations.
