Company: EUDAW
Filing Date: 2025-09-24
Form Type: 20-F/A
Source: 0001493152-25-014808
Chunk: 60

Company: EUDA Health Holdings Ltd
Filing Date: 2025-09-24
Form: 20-F/A
Chunk 60
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 to these 700,000restricted ordinary shares as the “Converted Shares.” This conversion resulted in $ 308,000modification of the convertible notes as the five-day VWAP Price of the Company’s ordinary shares immediately preceding the conversion date is higher than $ 1.00and reduced the carrying amount of the convertible debt instrument by $ 700,000with a corresponding increase in additional paid-in capital of $ 1,008,000. This transaction also resulted in loss on debt settlement of $ 308,000.

| F-38 |

EUDA HEALTH HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

On May 16, 2023, the Company signed settlement agreement (“Chen Settlement Agreement”) with Kelvin Chen, the former CEO of the Company, pursuant to which the Company agreed to issue to Kelvin Chen an aggregate of 850,306restricted ordinary shares of the Company in full satisfaction of Kelvin Chen’s claim for an aggregate amount of $ 850,306provided to KRHSG from time to time since inception. Upon issuance of the restricted ordinary shares, the balance own to Kelvin Chen reduced to nil. In order to comply with Nasdaq’s shareholder approval requirement for issuance of stock to an executive officer of a company pursuant to Nasdaq Listing Rule 5635(c), the Company and Dr. Chen amended the Chen Settlement Agreement by entering into a Supplemental Agreement (the “Supplemental Agreement”) on June 6, 2023, so that the shares issued to Dr. Chen would be issued at a per share price not less than the closing bid price of $ 1.47per share on May 15, 2023, the day prior to the execution of the Chen Settlement Agreement. Pursuant to the Supplemental Agreement, Dr. Chen has agreed to release and discharge KRHSG of all claims in return for 578,439ordinary shares at $ 1.47per share, the closing bid price of EUDA ordinary shares on May 15, 2023. Dr. Chen has agreed to forfeit and surrender 271,867ordinary shares of the 850,306ordinary shares issued to him on May 16, 2023.

The following tables summarize the issuance of shares upon conversion of notes and settlement of debts discussed above:

Schedule of issuance of shares upon conversion of notes and settlement of debts

| Restricted Ordinary shares issued for settlements |     | Settlement Agreement |