Business
Aptorum Group Announces Offering of $3 Million Convertible Note due 2023
NEW YORK & LONDON & PARIS--(BUSINESS WIRE)-- Regulatory News: Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) (“Aptorum Group” or “Aptorum”), a
About this update from Aptorum Group Limited
[{"type":"text","content":" NEW YORK & LONDON & PARIS--(BUSINESS WIRE)--\nRegulatory News:\n\nAptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) (“Aptorum Group” or “Aptorum”), a clinical stage biopharmaceutical company dedicated to meeting unmet medical needs in oncology, autoimmune diseases and infectious diseases, today announced a private offering of USD$3 million aggregate principal amount of convertible note due 2023 (the “Note”) to be used as part of the Company’s daily operations and clinical program. The Note will be solely subscribed by Aenco Technologies Limited (“Investor”) which is indirectly 34.56% effectively owned by Mr. Ian Huen, a Non-Executive Director and major shareholder of Aptorum Group.\n\nThe Note is unsecured, convertible into the Company’s restricted Class A Ordinary Shares, par value $1.00 per share (the “Ordinary Shares”) at the Investor option. The Notes will have a maturity date of 12 months subject to extension by the Investor, an bullet interest rate of 7% per annum, and a conversion price of $1.20 per Class A Ordinary Share. The Company shall have an obligation to repay the principal amount and interest of the Note on the maturity date in cash or in unregistered Class A Ordinary Shares or a combination of such at the Company’s discretion. The shares used to meet a repayment would be valued at the Conversion Price. The issuance and sale of the Notes is exempted from the registration requirement of the Securities Act pursuant to Regulation D and/or Regulation S promulgated thereunder.\n\nThe Company intends to use the net proceeds from the offering 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. The Company is pleased to have continued insider shareholder support for its exciting programs.\n\nAbout Aptorum Group\n\nAptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic assets to treat diseases with unmet medical needs, particularly in oncology (including orphan oncology indications), autoimmune and infectious diseases. Aptorum has completed two phas...