Adynxx, Inc. (OTCPK:ADYX) announced a private placement of series 2019A convertible promissory notes for gross proceeds of $450,000 in November 2019. The notes accrue interest at a fixed rate of 8% per year and mature on the first anniversary of the applicable issue date, ranging from November 2020 to December 2020. The notes will be automatically converted into common shares of the company in the event that the company issues and sell preferred shares or common shares to investors in a qualified financing with total proceeds of not less than $5,000,000. The notes are convertible at a price equal to the cash price paid per share, in the case of the November notes, or 0.70 multiplied by the cash price paid per share, in the case of the December notes, for equity securities by the investors in the qualified financing. The company may not prepay the notes prior to the maturity date without the consent of the investors of at least a majority of the outstanding unpaid principal amount of the notes. The notes will be issued at par and are redeemable. On the same day, the company received its first tranche.