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Biodexa Pharmaceuticals PLC Financial Update: Promissory Note & Governance Changes

$BDRX
Form 6-K
Filed on: 2024-12-27
Source
Biodexa Pharmaceuticals PLC Financial Update: Promissory Note & Governance Changes

Here are the key insights extracted from the provided section of the financial report, specifically pertaining to Biodexa Pharmaceuticals PLC's Form 6-K filing:

  1. Company Overview:
  • Name: Biodexa Pharmaceuticals PLC
  • Principal Executive Office Address: 1 Caspian Point, Caspian Way, Cardiff, CF10 4DQ, United Kingdom.
  • Commission File Number: 001-37652.
  1. Promissory Note Issuance:
  • Date of Issuance: December 23, 2024.
  • Principal Amount: $600,000.
  • Original Issue Discount: 10%.
  • Interest Rate: 5% annually (may increase under certain conditions).
  • Maturity Date: One year from the Issuance Date (December 23, 2025).
  • Monthly Repayment Schedule: Entire principal plus accrued interest is due at maturity.
  • Prepayment: Allowed without penalty prior to the maturity date.
  • Financing Event Provision: If the company raises capital through securities sales greater than $500,000, 25% of the net proceeds must be used to prepay the Note.
  1. Events of Default:
  • The Note includes customary representations and warranties, and if an event of default occurs, the holder may demand immediate repayment.
  1. Cash Received:
  • The company received $540,000 in cash from the promissory note on December 24, 2024.
  1. New Articles of Association:
  • The shareholders approved new Articles of Association on November 22, 2024, which are included as an exhibit in the filing.
  1. Exhibits Included:
  • Exhibit 1.1: Articles of Association.
  • Exhibit 10.1: Promissory Note issued to C/M Capital Master Fund, LP.
  1. Signature:
  • The report was signed by Stephen Stamp, who holds the positions of Chief Executive Officer and Chief Financial Officer.

These points summarize the significant financial activity and corporate governance updates from Biodexa Pharmaceuticals PLC as reported in their Form 6-K filing for December 2024.