Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1173

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 4
Chunk 1173
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Qualified Offering” is a debt or equity financing for the account of the Company or any of its
subsidiaries in which shares of common stock, or securities, directly or indirectly, convertible into or exchangeable or exercisable
for shares of common stock are issued, which financing results in cumulative aggregate proceeds to the Company of at least $8,000,000.
The principal and interest on the Note will be amortized on a straight-line basis at 110% of the principal amount commencing sixth months
after the closing. On October 10, 2022, the Note was amended to postpone the commencement of the amortization amount from October 11,
2022 to November 11, 2022. On November 10, 2022, the Note was amended to postpone the commencement of the amortization from November
11, 2022 to February 11, 2023 and payable in three monthly installments. As consideration for the amendment, an additional 11,431 shares
of common stock were issued to the accredited investor on October 10, 2022 and 34,293 shares issued to the accredited investor on November
10, 2022. On January 13, 2023, the Note was amended to delay the interest payment due and payable on January 11, 2023 to the earlier
of (i) January 31, 2023 and (ii) the closing of a Qualified Offering.

Upon
an Event of Default and after a Qualified Offering, the principal and interest are convertible at any time at the option of the holder
into shares of the Company’s common stock at a conversion price equal to 30% discount to the lowest closing price of the common
stock for the 20 prior trading days; provided, however, the holder will not have the right to convert any portion of the Note, to the
extent that after giving effect to the conversion, the holder, together with its affiliates, would beneficially own in excess of 4.99%
of the number of shares of the Company’s common stock outstanding immediately after giving effect to its conversion. The holder
may increase or decrease its ownership limitation to any percentage not exceeding 9.99% upon 61 days prior written notice to the Company.

The
Company will have the right at any time to redeem in cash all or a portion of the Note at 120% (or 125% on or after the first six months
from the closing; provided, however, if interest due and