NKGen Biotech, Inc. announced it has completed issuance of secured convertible promissory note in the principal amount of up to $5,000,000 and Common Stock Purchase Warrant to purchase up to 1,000,000 shares for a gross proceeds $5,000,000 on April 5, 2024. The transaction included participation from new investor, BDW Investments LLC. The notes are convertible into $2 per share and matures on October 4, 2026.

Lender has the right to convert all or any portion of the then outstanding and unpaid principal amount and interest into shares of the Company?s common stock, par value $0.0001, at any time from the issue date to the Maturity Date at a conversion price of $2.00 per share. Pursuant to the Loan Agreement, the Company also issued a Common Stock Purchase Warrant to the Lender to purchase up to 1,000,000 shares of Common Stock at an exercise price of $2 per share for a period of five years from the issue date.