Tryp Therapeutics Inc. announced a private placement to issue 3,390 convertible debt notes at an issue price of AUD 1,000 per note for the gross proceeds of AUD 3,390,000 on March 8, 2024. The notes will automatically convert into ordinary shares in Exopharm upon completion of the Acquisition. The notes will convert into Shares at a conversion price which is equal to the issue price of the Shares under the Public Offer.

The notes will be unsecured, unsubordinated and rank behind any secured indebtedness of the Company whilst ranking pari-passu as between themselves. The notes will be unquoted. Exopharm will apply for quotation of the Shares and Options issued on conversion.

The notes will mature on the earlier of 12 months from the issue date, or Reinstatement. The notes will convert into a maximum of 169,500,000 Shares at a conversion price which is equal to the issue price of Shares under the Public Offer. On conversion of the notes, the noteholders will receive 0.8 Options for every Share issued on conversion, with an exercise of AUD 0.027 each and expiring three years from the date of Reinstatement.