PDS Biotechnology Corporation entered into a First Amendment to a Promissory Note with YA II PN, Ltd. on August 31, 2026. The amendment modifies a previously issued note with an original principal amount of $6,000,000, dated June 15, 2026.
The agreement includes three primary modifications:
- Weekly Remittance: The Company is required to deliver weekly notices to the Holder detailing net proceeds from sales under the Company’s at-the-market offering program. The Company must pay the applicable portion of these proceeds within one business day of notice.
- Listing Cure Period: The cure period for a Nasdaq listing deficiency was extended from seventy-five (75) days to one-hundred eighty (180) days.
- Equity Financing Redemption: A new provision was added requiring that 100% of net cash proceeds received from any equity or equity-linked financing (excluding the at-the-market offering) be applied as a mandatory deemed redemption payable to the Holder within five (5) business days of receipt.
The Amendment becomes effective upon execution and delivery by each party and the Company having paid in full the installment amount due on September 14, 2026.
