PDS Biotechnology Amends Promissory Note with YA II PN, Ltd.

What Happened

• PDS Biotechnology Corporation (PDSB) filed an 8-K reporting a First Amendment to a Promissory Note with YA II PN, Ltd. dated August 31, 2026. The Note was originally issued June 15, 2026 in the principal amount of $6,000,000. The Amendment changes payment and reporting obligations and adds new mandatory repayment terms. The Amendment becomes effective upon execution by both parties and after the Company pays the installment due September 14, 2026.

Key Details

• Original Note: $6,000,000 principal, issued June 15, 2026.
• Section 1(f): now requires the Company to deliver weekly remittance notices to the Holder showing net proceeds from the Company’s at‑the‑market (ATM) offering and to pay the Holder its share of such net proceeds within one business day after each notice.
• Section 1(g): Nasdaq listing cure period extended from 75 days to 180 days.
• New Section 1(i): 100% of net cash proceeds from any equity or equity‑linked financing (other than the ATM) must be applied as a mandatory deemed redemption payable to the Holder within five business days of receipt.

Why It Matters

• The Amendment tightens how the Company must allocate proceeds from financings: ATM receipts must be reported weekly and paid quickly to the Holder, and any other equity financings (outside the ATM) must be used to repay the Holder within five business days. That reduces near‑term cash flexibility and means new equity capital will be directed immediately toward satisfying this debt obligation.
• Extending the Nasdaq cure period to 180 days gives the Company more time to regain or maintain listing compliance, which may lessen short‑term listing pressure.
• Investors should note the timing: the Amendment is effective once both parties sign and the Company makes the September 14, 2026 installment payment, signaling near‑term cash commitments tied to this amended debt arrangement.