UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement.
On April 13, 2023, China Pharma Holdings, Inc. (the “Company”) entered into an Amendment (the “Amendment”), to the Convertible Promissory Note (the “Note”) the Company issued to an institutional accredited investor Streeterville Capital, LLC (“Investor”) pursuant to a Securities Purchase Agreement (the “Agreement”) dated November 17, 2021.
The Investor and the Company have agreed, according to the terms of the Amendment, to extend the maturity date of the Note to May 19, 2024. In consideration to the extension, the Company has agreed to pay to the Investor an extension fee equal to two percent (2%) of the outstanding balance of the Note, decrease the price at which the Investor can convert portions of the Note’s outstanding balance to the Company’s common stock, and assume an additional obligation to redeem a portion of the outstanding balance of the Note monthly or be subject to additional penalty fees. The Amendment also includes customary representations and warranties by the Company. The outstanding balance of the Note on April 12, 2023, before the Amendment took effect, was $3,281,970.19. The outstanding balance of the Note on November 19, 2021, when the Note was originally issued, was $5,250,000.00, including an original issue discount of $250,000.00.
The foregoing description is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 hereto, and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following is filed as an exhibit to this report:
| Exhibit Number | Exhibit | |
| 10.1 | Amendment to Convertible Promissory Note dated April 13, 2023 | |
| 104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 20, 2023
| CHINA PHARMA HOLDINGS, INC. | |||
| By: | /s/ Zhilin Li | ||
| Name: | Zhilin Li | ||
| Title: | President and Chief Executive Officer | ||