Item 1.01. Entry into a Material Definitive Agreement.
On April 19, 2017, Northwest Biotherapeutics, Inc. (the “Company”) entered into a financing in an aggregate principal amount of $2,250,000 in the form of promissory notes with Toucan Capital Fund III, LP, an officer of the Company, Leslie Goldman, certain directors of the Company, Jerry Jasinowski, Robert Farmer and Cofer Black, and an existing unaffiliated investor. The notes bear interest at 10.0% per annum and are payable on demand with seven days’ advance notice by the applicable holder.
The proceeds from the promissory notes were principally used to satisfy the Company’s obligation to pay $2,070,000 on April 19, 2017 to repurchase $2.0 million principal amount of the Company’s 5.00% Convertible Senior Notes due 2017 (the “Notes”), in accordance with the repurchase agreement dated March 9, 2017 among the Company and the holders of the Notes.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained above in Item 1.01 is hereby incorporated by reference into this Item 2.03.
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