NKGen Biotech Enters Loan Amendment, Secures $955K Net Financing

What Happened
NKGen Biotech, Inc. filed an 8-K reporting that on August 5, 2026 it entered into a Fourth Amendment to its Secured Convertible Loan Agreement with AlpineBrook Capital GP I Limited. Under the amendment the lender advanced an additional loan (Additional Loan #4) with a principal of $1,050,500 (which includes a $95,500 facilitation fee), producing net proceeds to the company of $955,000. The loan is documented by a secured convertible promissory note that bears interest at the Loan Agreement’s Applicable Rate and is convertible into common stock at $0.08 per share (subject to adjustment). The company also issued an associated warrant and agreed to a Voting Agreement with certain stockholders to support an increase in authorized shares needed to issue the consideration and conversion/exercise shares.

Key Details

• Additional Loan #4 principal: $1,050,500 (includes $95,500 facilitation fee); net proceeds to NKGen: $955,000. Date: August 5, 2026. Lender: AlpineBrook Capital GP I Limited.
• Convertible note conversion price: $0.08 per share (subject to adjustment); interest at the Loan Agreement’s Applicable Rate.
• Additional Warrant #4: exercisable for 10 years at $0.08 per share, cashless-exercise permitted, contains a 9.99% beneficial ownership limit and anti-dilution protections. Warrant amount = 3 × (principal outstanding / conversion price) — at issuance this equates to 39,393,750 potential shares (3 × (1,050,500 ÷ $0.08)).
• Consideration Shares were increased to 13,304,114 shares to be delivered in six installments over 30 months; the company and certain holders signed a Voting Agreement to vote to increase authorized shares as required. Shareholder approval for the share increase must be obtained no later than the earlier of two months after the loan closing or immediately prior to the company’s next financing.

Why It Matters
This amendment provides NKGen with additional near-term cash ($955K net) but also creates more convertible debt and a large warrant position that could substantially increase the company’s outstanding shares if converted or exercised at the stated $0.08 price. Investors should note the timing and terms for shareholder approval to increase authorized shares, the conversion price and the large potential share counts disclosed — all of which are material to the company’s capital structure and dilution profile. The filing also records the creation of a new direct financial obligation and the issuance of unregistered equity-linked securities under these terms.