Sharp Therapeutics closes second tranche of convertible note offering

Sharp Therapeutics Corp. (TSXV: SHRX) (OTCQB: SHRXF) completed the second tranche of its convertible note offering, issuing 200 notes for gross proceeds of approximately $200,000, according to a company statement.

The Pittsburgh and Toronto-based company has now raised $200,000 through two tranches of its non-brokered private placement. The company plans to issue an additional 600 notes across three subsequent tranches scheduled for March 27, April 10, and April 24, 2026, for total gross proceeds of approximately $600,000.

Each note carries a principal amount of $1,000 and bears interest at 6% per annum. The notes are convertible into common shares at a conversion price of $2.00 per share at the holder's option within 12 months of issuance.

STX Partners, LLC, identified as a company insider, subscribed for all 200 notes in the second tranche for $200,000. The company stated this related-party transaction is exempt from formal valuation and minority shareholder approval requirements under securities regulations, as the transaction value does not exceed 25% of the company's market capitalization.

The notes were offered through private placement exemptions in Canada and the United States. All issued notes are subject to a four-month-plus-one-day hold period and require TSX Venture Exchange approval. No fees or commissions were paid in connection with the offering.

Sharp Therapeutics develops small-molecule therapeutics for genetic diseases and plans to use the net proceeds for general working capital purposes.

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