Nomad Power Solutions sells $6.57 million original issue discount secured note in private placement
LIXT•Nomad Power Solutions entered a private placement to issue a $6.57 million secured promissory note for $6 million. The note carries 9% annual interest, matures in 12 months and allows the investor to demand redemptions of up to $800,000 monthly starting in month six.
1. Note terms
Nomad Power Solutions entered a private placement to issue a $6.57 million original issue discount secured promissory note for $6 million. The note matures 12 months from the purchase price date and carries 9% annual interest until paid in full. Starting in month six, the investor can demand redemptions of up to $800,000 per month, payable within two trading days.
2. Security and offering
A security agreement grants a lien on substantially all assets, and subsidiaries Lixte Biotechnolgy and Liora Technologies Europe guarantee the obligations. The transaction relied on exemptions under Section 4(a)(2) and/or Regulation D for an unregistered offering.
