Inspyr Therapeutics, Inc. (OTCPK:NSPX) announced that it has entered into securities purchase agreement for private placement of senior convertible debentures for gross proceeds of $500,000 on October 23, 2020. The transaction involved participation from existing accredited and institutional investors. The debentures are issued at par value. The debentures are non-interest bearing, have a maturity date of October 23, 2021, are convertible into shares of common stock of the company at the election of the investors at any time, subject to a beneficial ownership limitation of 9.99%, have a conversion price equal to the lesser of $0.02 and 85% of the lesser of the volume weighted average price on the trading day immediately preceding a conversion date and the volume weighted average price on a conversion date. The debentures also contain provisions providing for an adjustment in the event of stock splits or dividends, and fundamental transactions. The investors also have the right to participate in subsequent rights offerings and pro rata distributions. Additionally, the debentures contain anti-dilution protection in the event of subsequent equity sales at a price that is lower than the then applicable conversion price until such time that the debentures are no longer outstanding. Additionally, the company has the option to redeem some or all of the debentures for cash upon notice of 20 trading days provided certain conditions are met by the company as more fully described in the debentures. The company received funding from 3 investors pursuant to exemption provided under Regulation D. Without the approval of the debenture holders holding at least 67% of the then outstanding principal amount of the debentures, the company may not amend its charter documents in any manner that adversely affects the rights of any investor, repay or repurchase or acquire shares of its common stock, repay, repurchase, or acquire certain indebtedness, or pay cash dividends or distributions on any equity securities of the company. The securities offered have not been registered under the securities act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.