NRX Pharmaceuticals Closes $10M Convertible Note Offering
Ticker: NRXPW · Form: 8-K · Filed: May 23, 2024 · CIK: 1719406
| Field | Detail |
|---|---|
| Company | Nrx Pharmaceuticals, INC. (NRXPW) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $3.30 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, convertible-debt, working-capital
TL;DR
NRX just raised $10M via convertible notes due 2025, converting at $1.00. Working capital boost!
AI Summary
On May 21, 2024, NRX Pharmaceuticals, Inc. filed an 8-K report detailing the completion of a private placement of convertible notes. The company issued $10.0 million in aggregate principal amount of convertible promissory notes due May 21, 2025, with an initial conversion price of $1.00 per share. This offering is expected to provide the company with additional working capital.
Why It Matters
This financing provides NRX Pharmaceuticals with crucial capital to fund its operations and potential future development, which could impact its ability to advance its drug pipeline.
Risk Assessment
Risk Level: medium — The company is issuing convertible debt, which can dilute existing shareholders if converted, and the success of the company is still dependent on its drug development pipeline.
Key Numbers
- $10.0M — Convertible Notes Issued (Represents capital raised in a private placement.)
- $1.00 — Conversion Price (The price per share at which the convertible notes can be converted into common stock.)
- 2025 — Note Maturity Year (Indicates the deadline for repayment or conversion of the notes.)
Key Players & Entities
- NRX Pharmaceuticals, Inc. (company) — Registrant
- May 21, 2024 (date) — Date of Report
- $10.0 million (dollar_amount) — Aggregate principal amount of convertible promissory notes
- May 21, 2025 (date) — Maturity date of convertible notes
- $1.00 (dollar_amount) — Initial conversion price per share
- Big Rock Partners Acquisition Corp. (company) — Former company name
FAQ
What is the purpose of the convertible note offering?
The offering is intended to provide the company with additional working capital.
What is the aggregate principal amount of the convertible notes?
The aggregate principal amount is $10.0 million.
When do the convertible notes mature?
The convertible notes mature on May 21, 2025.
What is the initial conversion price of the notes?
The initial conversion price is $1.00 per share.
What was NRX Pharmaceuticals' former company name?
NRX Pharmaceuticals, Inc. was formerly known as Big Rock Partners Acquisition Corp.
Filing Stats: 541 words · 2 min read · ~2 pages · Grade level 10.6 · Accepted 2024-05-23 16:00:32
Key Financial Figures
- $0.001 — h registered Common Stock, par value $0.001 per share NRXP The Nasdaq Stock Mar
- $3.30 — hares "), at a public offering price of $3.30 per share (the " Overallotment Exercise
Filing Documents
- tm2415394d1_8k.htm (8-K) — 29KB
- tm2415394d1_ex5-1.htm (EX-5.1) — 10KB
- 0001104659-24-064675.txt ( ) — 256KB
- nrxp-20240521.xsd (EX-101.SCH) — 3KB
- nrxp-20240521_def.xml (EX-101.DEF) — 26KB
- nrxp-20240521_lab.xml (EX-101.LAB) — 36KB
- nrxp-20240521_pre.xml (EX-101.PRE) — 25KB
- tm2415394d1_8k_htm.xml (XML) — 5KB
01
Item 8.01 Other Events. On May 21, 2024, the underwriters of the previously announced underwritten public offering of NRx Pharmaceuticals, Inc. (the " Company ") exercised their option in accordance with the Underwriting Agreement, dated April 18, 2024, by and between the Company and EF Hutton LLC, as representative of the several underwriters named therein, to purchase up to an additional 91,050 shares of the Company's common stock, par value $0.001 per share (the " Option Shares "), at a public offering price of $3.30 per share (the " Overallotment Exercise "). The Overallotment Exercise closed on May 23, 2024. The legal opinion, including the related consent, of Disclosure Law Group, a Professional corporation, relating to the issuance and sale of the Option Shares is filed as Exhibit 5.1 hereto.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 5.1 Opinion of Disclosure Law Group, a Professional corporation 23.1 Consent of Opinion of Disclosure Law Group, a Professional corporation (contained in Exhibit 5.1) 104 Cover Page Interactive Data File (formatted as Inline XBRL).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NRX PHARMACEUTICALS, INC. Date: May 23, 2024 By: /s/ Stephen Willard Name: Stephen Willard Title: Acting General Counsel