Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 99

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 99
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 after a qualified offering.
If no qualified offering occurs prior to the maturity date, the March 2024 Note was to be repaid in cash.

On June 14, 2024, the Company sold
344,966 of the Company’s units, each such unit consisting of (i) one share of the Company’s common stock, $0.0001 par value
per share and (ii) one common stock purchase warrant to purchase one-tenth of a share of Common Stock (a “Unit”), to the holder
of the March 2024 Note in consideration for the total $512,361 in principal amount and interest accrued under the March 2024 Note. The
warrants are exercisable for five years from the date of issuance and have an exercise price of $1.4726 per share, payable in cash (see Note 88 to the Financial Statements).

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The 2024 Notes —
On January 11, 2024, the Company entered into a Subscription Agreement with an investor to issue a Convertible Promissory Note (the “January
2024 Note I”) in the amount of $460,000. The January 2024 Note I had an interest rate of 12% per annum and was due to mature on
January 11, 2025. The Company was required to pay interest quarterly, in arrears, in cash, on the first day of each quarter of each year
following the issue date prior to the maturity of the notes. Notwithstanding the immediately foregoing, at the option of the holder, interest
could accrue on this note on a quarterly basis. The January 2024 Note I was convertible either at the option of the holder or automatically
upon maturity into shares of the Company’s Common Stock at the conversion price of $3.38. On January 12, 2024, the Company entered
into Subscription Agreements with an investor to issue a Convertible Promissory Note for an aggregate principal amount of $125,000 (the
“January 2024 Note II”, and collectively with the January 2024 Note I, the “January 2024 Notes”). The Company
received a total of $125,000 in gross proceeds. The January 2024 Note II bears an interest rate of 12% per annum and shall mature
on December 29, 2024. The Company is required to pay interest quarterly, in arrears, in cash, on