UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On May 23, 2024, China Pharma Holdings, Inc. (the “Company”) entered into an Amendment No. 2 (the “Second Amendment”), to the Convertible Promissory Note dated November 17, 2021 and its Amendment No.1 dated April 13, 2023 (collectively, the “Note”). The Company originally issued the Note to Streeterville Capital, LLC (the “Note Holder”) pursuant to a Securities Purchase Agreement dated November 17, 2021.
The Note Holder and the Company have agreed, according to the terms of the Second Amendment, to extend the maturity date of the Note to August 19, 2025. In consideration of the extension, the Company has agreed to pay to the Note Holder an extension fee equal to two percent (2%) of the outstanding balance of the Note (“Extension Fee”), and lower the minimum monthly redemption amount from the outstanding balance of the Note that the Company is obligated to redeem from $150,000 to $37,182.33. The Second Amendment also includes customary representations and warranties by the Company. The outstanding balance of the Note as of May 23, 2024, following the application of the Extension Fee, is $557,735.00. 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 Second 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 #2 to Convertible Promissory Note dated May 23, 2024 | |
| 104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL) |
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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: May 30, 2024
| CHINA PHARMA HOLDINGS, INC. | ||
| By: | /s/ Zhilin Li | |
| Name: | Zhilin Li | |
| Title: | President and Chief Executive Officer | |
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