Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 627

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 4
Chunk 627
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excised.

On April 27, 2024, the Company entered into
a convertible note and warrant purchase agreement (the “2024 April Purchase Agreement”) with certain investors (the “Investors”),
providing for the private placement of convertible promissory notes in the aggregate principal amount of $320,000
(the “Notes”) and warrants (the “2024 April Warrants”) to purchase up to an aggregate of 221,147
shares of the Company’s Common Stock, par value $0.00001
per share. Each Warrant has an exercise price of $1.322
per share, which represents the average NOCP for the five trading days immediately preceding the signing of the 2024 April Purchase Agreement
in accordance with the “Minimum Price” requirements
under Nasdaq Listing Rule 5635(d). The Warrants are immediately exercisable and have a two-year term.

On October 18, 2024, the holders of warrants
issued by the Company exercised its cashless option to purchase an aggregate of 55,973 shares of the Company’s
common stock pursuant to warrants issued by the Company. Such warrants were previously issued pursuant to the convertible note and
warrant purchase agreement dated April 27, 2024, as disclosed in the current report of the Company on Form 8-K filed with the SEC on
May 2, 2024. In connection with such cashless exercise, the Company will not receive any cash proceeds. The shares of common stock
issuable upon exercise of such warrants were registered under the Form S-1 effective on July 1, 2024.

    F-18

The following table summarizes warrant activity for
the year ended September 30, 2024:

SCHEDULE OF WARRANT ACTIVITY 

    Number of Shares Issuable
                                                                                                                                                                                                                                                                                                                 Upon Exercise of Warrants  
    Weighted Average Exercise
                                                                                Price  
    Weighted Average Remaining Contractual Life (years)  
    Aggregate Intrinsic Value 
  
    Outstanding on September 30, 2023 
     152,398  
    $158.24  
     2.65  
    $- 
  
    Issued 
     62,452  
     1.46  
     1.85  
     - 
  
    Exercised 
     - 
     -  
     -  
            - 
  
    Expired