On June 18, 2024, NKGen Biotech, Inc. closed the transaction. The company issued a second promissory note in the principal amount of $369,600. The purchase price of the Second Tranche Note is $300,000, representing a $69,600 original issue discount.

No interest is payable under the Second Tranche Note. The Second Tranche Note has a 12-month term and matures on June 18, 2025. AJB Capital Investments LLC has the right to convert all or any portion of the then outstanding and unpaid principal amount into shares of Common Stock, at any time from the issue date to the Maturity Date at a conversion price of $2. Pursuant to the Purchase Agreement, the Company also issued a second Common Stock Purchase Warrant to purchase up to 330,000 shares of Common Stock at an exercise price of $2 per share for a period of five years from the issue date.