Item 1.01 Entry into a Material Definitive Agreement.
On March 6, 2020, Inspyr Therapeutics, Inc. (“Company”) sold an aggregate of $250,000 of senior convertible debentures (“Debentures”) for cash to existing accredited institutional investors of the Company (the “Offering”).
The Debentures issued (i) are non-interest bearing, (ii) have a maturity date of July 16, 2020 and (iii) are convertible into shares of common stock (“Common Stock”) of the Company at the election of the Investor at any time, subject to a beneficial ownership limitation of 4.99% which may be increased to 9.99% by the holder upon 61 days’ notice. The Debentures will have a conversion price equal to the lesser of (i) $0.33 and (ii) 85% of the lesser of (a) the volume weighted average price on the trading day immediately preceding a conversion date and (b) the volume weighted average price on a conversion date.
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