Qualigen Therapeutics, Inc. announced that it has entered into a securities purchase agreement with new institutional lender, Corbo Capital Inc. to issue a senior promissory note for an original principal amount of $2,000,000 on July 5, 2024. The note is being issued at par. The note is unsecured, non-convertible and has a scheduled maturity date of July 8, 2025.

The note bears an interest at the rate of 18% per annum. The note has requirement for partial prepayments from a percentage of any future company financings, and otherwise, principal and interest on the senior note not payable until maturity. The note is being issued upon an exemption from securities registration requirements of the Securities Act of 1933, as amended, afforded by the provisions of Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated thereunder by the U.S. Securities and Exchange Commission.