Oncotelic Therapeutics Enters Convertible Note Financing with Pacific Pier

What Happened
On June 23, 2026, Oncotelic Therapeutics, Inc. announced it entered a Securities Purchase Agreement with Pacific Pier Capital II, LP and issued a convertible promissory note in the aggregate gross principal amount of $178,410 (the “2026 Pacific Pier Note”). The note is convertible into the company’s common stock and the company also issued 500,000 commitment shares to Pacific Pier.

Key Details

• Issuer: Oncotelic Therapeutics, Inc.; Investor: Pacific Pier Capital II, LP; agreement date: June 23, 2026.
• Principal: $178,410 gross; Original issue discount: 12%; interest: 12% per annum.
• Conversion: Voluntary conversion into common stock at a fixed $0.06 per share or 85% of the lowest traded price on the principal market during the 10 trading days prior to conversion, subject to adjustments.
• Maturity and other terms: Matures on the earlier of one year from the agreement, acceleration on an Event of Default, or prepayment; prepayment available after six months with three trading days’ notice; default interest rate is 16%.

Why It Matters
This transaction provides Oncotelic with near-term capital via a convertible note and equity commitment shares but may dilute existing shareholders if converted (conversion price as low as $0.06 per share or 85% of recent trading price). The financing terms include high interest and discounts (12% OID and 12% interest, 16% default interest), which are material to the company’s cost of capital and short-term liquidity profile. The securities were issued in reliance on private-placement exemptions and are not registered for public resale.