APM - Aptorum Group dips on offering of $3M convertible note due 2023
- Aptorum Group ( NASDAQ: APM ) announced a private offering of $3M aggregate principal amount of convertible note due 2023.
- The note will be solely subscribed by Aenco Technologies which is indirectly 34.56% effectively owned by Mr. Ian Huen, a Non-Executive Director and major shareholder of the company.
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The note is unsecured, convertible into the company’s restricted Class A ordinary shares, par value $1.00 per share at the investor option.
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The notes will have a maturity date of 12 months, an bullet interest rate of 7% per annum, and a conversion price of $1.20 per Class A ordinary share.
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The company intends to use the net proceeds primarily to fund the continued research and development of its leading therapeutic candidates (including SACT-1 and ALS-4) and its liquid biopsy diagnostics program, the commercialisation of NativusWell woman’s health nutraceutical product, and for working capital and general corporate purposes.
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Shares are trading down 5.88% premarket.
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Aptorum Group dips on offering of $3M convertible note due 2023