Picard Medical: issues $1,000,000 convertible notes

What happened The filing says Picard Medical, Inc. issued three unsecured convertible notes on Sep 30, 2026 to three accredited investors in the aggregate principal amount of $1,000,000. Each note bears interest at 3.0% per annum (360-day year) and matures on Sep 30, 2027. The filing says holders may convert the outstanding balance of the notes into shares of the company’s common stock under specified terms.

Key details

• Aggregate principal: $1,000,000; interest: 3.0% per annum; maturity: Sep 30, 2027.
• Holder conversion price: the higher of $4.00 per share or the closing price on the trading day immediately preceding the conversion notice; $1,000,000 principal is convertible into a maximum of 250,000 shares at the $4.00 floor (excluding shares for accrued interest).
• For each share issued on conversion, the company will issue a pre-funded warrant to purchase one share at $0.0001 per share; each warrant has a 2-year term and is exercisable 60 days after issuance.
• Conversion and exercise are subject to ownership limits: a holder may not convert if it would beneficially own more than 4.99% of outstanding common stock, and the company will not issue shares if aggregated issuance would exceed 19.99% of outstanding shares as of the issuance date without stockholder approval.

Why it may matter The filing reports Item 2.03 (creation of a direct financial obligation) and Item 3.02 (unregistered sales of equity securities), describing the terms of the notes and related warrants, conversion mechanics, maturity and default provisions. The filing does not show why the insider traded or why the company acted.