Aspire Biopharma Holdings, Inc. (Nasdaq: ASBP) completed a secured convertible promissory note financing, raising $3.0 million in gross proceeds.
Pursuant to the transaction, the Company issued secured convertible promissory notes with an aggregate principal amount of $3.75 million and an aggregate purchase price of $3.0 million, reflecting a 20% original issue discount. The notes are secured by substantially all of the assets of the Company and its subsidiaries, subject to existing senior liens.
The financing was conducted as a private placement to accredited investors pursuant to Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) of Regulation D. In connection with the transaction, the Company agreed to register for resale the shares of common stock issuable upon conversion of the notes.
Lucosky Brookman LLP represented the investors in connection with the financing.
