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Propanc Biopharma, Inc. (NASDAQ:PPCB) disclosed Tuesday that it entered into a Securities Purchase Agreement with Hexstone Capital LLC for a private placement involving a newly created Series C Preferred Stock. The agreement was signed on October 7.
According to the company’s press release statement, each share of the Series C Preferred Stock will be convertible into shares of Propanc Biopharma’s common stock. The conversion price will be the lesser of a fixed price of $5.00 per share or 85% of the lowest trading price of the common stock during a specified period tied to the conversion process. This period begins on the day a conversion notice is sent and ends on the trading day when the aggregate dollar volume of the company’s common stock surpasses seven times the conversion amount, with a minimum of five trading days.
At the closing of the transaction, Propanc Biopharma will issue 100 shares of Series C Preferred Stock and a warrant to purchase up to an additional 9,900 shares of Series C Preferred Stock. The closing is subject to certain conditions, including the filing of a Certificate of Designation for the Series C Preferred Stock with the Delaware Secretary of State.
The company’s common stock is listed on The Nasdaq Stock Market LLC under the ticker PPCB.
The details were provided in a filing with the U.S. Securities and Exchange Commission.
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