Qualigen Therapeutics, Inc. announced that it has entered into a securities purchase agreement with Alpha Capital Anstalt for a private placement of 8% Senior Convertible Debenture iin the aggregate principal amount of $3,300,000 for a purchase price of $3,000,000 on December 21, 2022. The debenture will be convertible, at any time, and from time to time, at investor's option, into shares of common stock of the company at a price equal to $1.32 per share, subject to adjustment as described in the debenture. Pursuant to the terms of the agreement, the company also agreed to issue to investor a common stock purchase warrant to purchase a number of shares of the common stock of the company, equal to the number of conversion shares issuable upon conversion of the debenture as of the closing date.

The debenture accrues interest at the rate of 8% per annum, which does not begin accruing until December 1, 2023, and will be payable on a quarterly basis. Interest may be paid in cash or shares of common stock of the company.