Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 499

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 499
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 18, 2022, we entered into convertible
note purchase agreements with sixteen (16) accredited investors, including five (5) members of our Board that participated on the same
terms as other accredited investors, in the aggregate principal amount of $341,632. Of such amount, four members of our Board and one
former member of our Board invested $155,000 in aggregate (see Note 7).

On April 26, 2024, we entered into a binding term
sheet (“Binding Term Sheet”) with Oncotelic Therapeutics, Inc. (“Oncotelic”), which was unanimously approved by
our Board of Directors. Under the terms of the Binding Term Sheet, we plan to achieve certain goals of acquiring new technologies and
short-term funding so that we can establish our pipeline, pending the completion of due diligence and other criteria pursuant to the terms
of the Binding Term Sheet. Mr. Steven King, our president and CEO is a shareholder and member of the board of directors of Oncotelic with
less than 1% ownership of total shares outstanding of Oncotelic, and a paid advisor of Oncotelic (see Note 11).

     F-23 

    Mosaic ImmunoEngineering, Inc.

    Notes to Consolidated Financial Statements
    For the Years Ended December 31, 2024 and 2023 (continued)

13.        Oncotelic
Therapeutics, Inc. (“Oncotelic”)

In an effort to establish a new product pipeline,
on April 26, 2024, we entered into a Binding Term Sheet with Oncotelic pursuant to which we intend to acquire (i) certain rights to Oncotelic’s
clinical stage necroptosis cancer therapies associated with its vascular disruptive agents (“VDAs”) and related regulatory
and clinical packages, and (ii) non-exclusive access to its proprietary Artificial Intelligence (“AI”) technologies for identifying
immunotherapy combinations, in exchange for the issuance of shares of our common stock valued at $15.0 million upon execution of the definitive
agreement (representing 47,923,322 shares of our common stock), or a combination of common stock and preferred stock to be determined
by the parties, along with additional milestones allowing Oncotelic to earn up to an additional $15.0 million in shares of common stock
that would be valued at the time of issuance, if earned. Pursuant to the Binding Term Sheet, we and Oncotel