On March 8, 2023 Northwest Biotherapeutics, Inc. (the "Company") reported that it has entered into a Commercial Loan Agreement and Note (collectively, the "Loan Agreement") with Streeterville Capital, LLC (the "Holder") in the amount of $11,005,000. The Loan Agreement has a maturity of 22 months (Filing, 8-K, Northwest Biotherapeutics, MAR 8, 2023, View Source [SID1234628330]). Repayments do not start until November 2, 2023.

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Following November 2, 2023, the Loan Agreement will be amortized in 14 equal monthly installments of principal at 110% of the pro rata amount, plus accrued interest. Interest on the Loan Agreement accrues at a rate of 8% per annum, and the Loan Agreement includes an original issue discount of ten percent. The Loan Agreement allows pre-payment at any time at the Company’s election. If the Company elects to pre-pay, the pre-payment would include a 10% charge. The Loan Agreement contains customary default provisions, including for potential acceleration.

The proceeds will be used for further buildout of the Sawston facility, and ongoing expanded activities related to preparation of an application for product approval, in addition to regular company operations.