Northwest Biotherapeutics (NWBOW) Thursday announced a $5 million convertible note financing and a standby facility for up to $50 million in additional financing.
On December 19, 2024, the company had entered into a convertible promissory note agreement with YA II PN, Ltd., managed by Yorkville Advisors Global, LP.
The 13-month convertible promissory note carries a 7 percent original issue discount and no interest, with repayment due at maturity.
The note is convertible at the holder's option, at a discount to the prevailing market price, with monthly conversion limits unless the conversion price exceeds $0.315.
The company plans to use the proceeds for general corporate purposes, including advancing its lead product and in-licensed portfolios.
In addition, the company entered into a standby equity subscription agreement with Yorkville, providing the option to subscribe for up to $50 million of common shares over the next 24 months at a discount to market price.
Currently, NWBO is trading at $0.27 up by 7.61%
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