Conduit Pharmaceuticals Inc. filed SEC Form 8-K: Other Events
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Item 8.01. Other Events
In an effort to reduce its outstanding debt, on February 7, 2025, Conduit Pharmaceuticals Inc. (the “Company”) paid the Note, as defined below, in the full principal amount of $600,000 and, accordingly, satisfied all of its obligations under such note. As previously disclosed, on October 28, 2024, the Company issued a promissory note (the “Note”) to Nirland Limited (the “Lender”) in the original principal amount of $600,000 in exchange for funds in such amount of which bore interest at a rate of 12% per annum, was due and payable semi-annually in arrears, and was to mature on October 31, 2025.
In addition, as of February 10, 2025, with respect to the Lender’s Senior Note, as defined below, pursuant to the terms of the Senior Note, the Lender has previously converted approximately $1.7 million of the original principal amount of $2,650,000 under the Senior Note into shares of common stock of the Company. As previously disclosed, on August 6, 2024, as subsequently amended in October and November of 2024, the Company had entered into a Senior Secured Promissory Note (the “Senior Note”) and a security agreement with the Lender, pursuant to which the Company issued and sold the Senior Note in the original principal amount of $2,650,000, inclusive of a $500,000 original issuance discount. The Senior Note bears interest at a rate of 12% per annum, accruing daily on a 365-day basis, payable monthly in arrears as cash, or accrued at the Lender’s discretion.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CONDUIT PHARMACEUTICALS INC. | ||
| February 11, 2025 | By: | /s/ David Tapolczay |
| Name: | David Tapolczay | |
| Title: | Chief Executive Officer | |