Conduit announces debt repayment, conversion of senior secured note

Conduit Pharmaceuticals (CDT) announces the repayment of its $600,000 promissory note to Nirland and provided an update on the conversion of its Senior Secured Promissory Note with Nirland. On February 7, 2025, Conduit repaid the final balance of the Note in full, satisfying all obligations under the agreement. The Note, issued on October 28, 2024, had an original principal amount of $600,000, bore interest at a rate of 12% per annum, and was due to mature on October 31, 2025. In addition, as of February 10, 2025, Nirland has converted approximately $1.7 million of the original $2.65 million principal amount under the Senior Note into shares of Conduit’s common stock. The Senior Note, initially entered into on August 6, 2024, and subsequently amended in October and November 2024, bears interest at a rate of 12% per annum, accruing daily and payable monthly in arrears, either in cash or as accrued at Nirland’s discretion. The conversion further reduces Conduit’s debt obligations and aligns Nirland’s interests with those of the Company’s shareholders.