Jaguar Health exchanges debt and preferred stock for common stock, closes Napo Therapeutics deal

Jaguar Health, Inc. filed an 8-K reporting several transactions dated between September 11 and September 15, 2026.

On September 11, 2026, the company entered into an exchange agreement with Lincoln Alternative Strategies LLC (LAS) under which the company issued 557,377 shares of common stock to LAS in exchange for the current outstanding balance of a 6% convertible promissory note, which equaled $175,016.36 as of that date.¹ Once the exchange was completed, the note was surrendered and cancelled.¹

Separately, Jaguar carried out three exchange agreements with Streeterville Capital, LLC involving its Series Q Perpetual Preferred Stock. On July 7, 2026, the company issued 53,191 shares of common stock to Streeterville in exchange for 6 outstanding shares of Series Q Preferred Stock, which were then cancelled and retired.¹ On September 11, 2026, a second exchange added 219,435 common shares for 2.8 preferred shares, and combined with the first exchange this pushed the total shares issued past 5% of the company's outstanding common stock as last reported in its Form 10-Q filed August 19, 2026.¹ A third exchange followed on September 14, 2026, issuing 31,847 common shares for 0.4 preferred shares, which were also cancelled and retired.¹

In a separate matter, on September 12, 2026, Jaguar entered a securities purchase agreement with a minority shareholder of Napo Therapeutics S.p.A. The company agreed to sell 535,000 shares of common stock along with a pre-funded warrant to purchase 2,077,255 additional shares, as consideration to acquire all of the purchaser's shares of Napo Therapeutics.¹ The filing describes Napo Therapeutics S.p.A. as an Italian company limited by shares and majority-owned subsidiary of Napo Pharmaceuticals, Inc., a Delaware corporation and wholly-owned subsidiary of the Company.¹ The purchase transaction closed on September 15, 2026.¹