Company: PSTV
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0001193125-25-028151
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Company: PLUS THERAPEUTICS, INC.
Filing Date: 2025-02-18
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry Into a Material Definitive Agreement.

Private Placement

On February 13, 2025 (the “ Closing Date”), Plus Therapeutics, Inc. (the “ Company”) entered into a Securities Purchase and Exchange Agreement (the “ SPEA”) with certain existing accredited investors (the “ Purchasers”). Pursuant to the SPEA, on the Closing Date the Company issued secured convertible promissory notes (the “ Funding Notes”) in the aggregate principal amount of $3,362,251 together with common stock purchase warrants (the “ Warrants”) to purchase 3,002,009 shares of the Company common stock, par value $0.001 (the “ Common Stock”) at an exercise price of $1.12 per share (the “ Warrant Exercise Price”). The aggregate purchase price for the Funding Note and Warrants was approximately $3.7 million (the “ Aggregate Purchase Price”) and included payment of $0.125 per Warrant in accordance with the Nasdaq Listing Rules.

The Funding Notes mature on February 13, 2026, and bear interest at a rate of 10% per annum, subject to increase upon Events of Default.

The Warrants are exercisable for five-years from the date of issuance.

Secured Interest

The obligations of the Company under the SPEA and the Notes (as defined below) are secured by a pledge of substantially all of assets of the Company pursuant to a security agreement, dated as of the Closing Date, among the Company, CNSide Diagnostics, LLC (a subsidiary of the Company, “ CNSide”), and Iroquois Master Fund Ltd., as collateral agent for the Purchasers (the “ Security Agreement), subject to certain exceptions. The Security Agreement contains certain customary affirmative and negative covenants, including limitations on the Company’s and CNSide’s ability to dispose of assets, subject to customary exceptions. The repayment of the Company’s obligations under the SPEA and Notes are guaranteed pursuant to a subsidiary guarantee, dated as of the Closing Date (the “ Subsidiary Guarantee”), by and among CNSide and the Purchasers.

Mandatory Conversion

In the event of a Common Stock financing by the Company on or before March 31, 2025, in which the Company receives at least $10.0 million in gross proceeds and that meets certain other conditions specified in the SPEA (a “ Qualified Financing”), at the election of the Company seventy-five percent of the principal amount and interest of the Funding Notes, or