On August 6, 2024, Conduit Pharmaceuticals Inc. entered into significant financial agreements with Nirland Limited. The agreements include a Senior Secured Promissory Note and a Security Agreement, collectively referred to as the Debt Agreements, in which Conduit Pharmaceuticals issued a Note for $2,650,000 with a $500,000 original issuance discount. The company has received $1,675,000 upon execution, with the remaining $475,000 contingent upon the registration and effective resale of the Closing Common Stock. Additionally, Conduit Pharmaceuticals agreed to issue 12,500,000 shares of common stock to the Purchaser. The Note, bearing a 12% annual interest rate, is set to mature on August 5, 2025, and is secured by all assets of the company and its subsidiary, with a personal guarantee by board member Dr. Andrew Regan. The company retains the right to...Show More

On August 6, 2024, Conduit Pharmaceuticals Inc. entered into significant financial agreements with Nirland Limited. The agreements include a Senior Secured Promissory Note and a Security Agreement, collectively referred to as the Debt Agreements, in which Conduit Pharmaceuticals issued a Note for $2,650,000 with a $500,000 original issuance discount. The company has received $1,675,000 upon execution, with the remaining $475,000 contingent upon the registration and effective resale of the Closing Common Stock. Additionally, Conduit Pharmaceuticals agreed to issue 12,500,000 shares of common stock to the Purchaser. The Note, bearing a 12% annual interest rate, is set to mature on August 5, 2025, and is secured by all assets of the company and its subsidiary, with a personal guarantee by board member Dr. Andrew Regan. The company retains the right to prepay the Note without penalty and the Purchaser holds a right of first refusal for future equity or debt offerings by the company. In the event of default, the interest rate will increase to 18%. The issuance of the Closing Common Stock was made under an exemption from registration requirements, and the details of the Debt Agreements are available in the attached exhibits to the Form 8-K report filed with the SEC.