Picard Medical issues $1 million of 3% unsecured convertible notes to accredited investors
PMI•Picard Medical issued $1 million of 3% unsecured convertible notes to three accredited investors on Sept. 30, 2026. The notes mature Sept. 30, 2027, and conversion at the $4.00 floor could result in up to 250,000 shares, excluding interest, plus matching pre-funded warrants.
1. Note terms
The notes carry 3% annual interest and mature Sept. 30, 2027; holders may accelerate them after an event of default. Holders can convert outstanding balances into common stock at the higher of $4.00 per share or the prior-day closing price. Picard Medical can force conversion after a $10 million equity financing, subject to the NYSE American 19.99% issuance limit without stockholder approval.
