Kiromic Biopharma (KRBP) has released an update.
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Kiromic BioPharma, Inc. has secured a financial boost by issuing a Senior Secured Convertible Promissory Note worth $2 million to an accredited investor, carrying a substantial 25% annual interest rate. This note will mature in a year, with the option for the investor to convert the debt into company stock at a set price, subject to ownership limits. The debt, secured by the company’s assets and intellectual property, is prioritized over other obligations and allows for additional borrowing, signaling a strategic move to strengthen the company’s financial position amidst its growth trajectory.
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