Company: INDP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021759
Chunk: 18

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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M Agreement is being made pursuant to the Company’s effective
    “shelf” registration statement on Form S-3 filed with the SEC on August 13, 2025 and declared effective on August 20,
    2025. During September 2025 the Company sold 520,000 shares
    of the Company’s common stock for aggregate net proceeds of approximately $2.25 million, after deducting issuance expenses in the amount of approximately $0.1 million. The
    Company’s ability to issue shares under the shelf registration statement on Form S-3 is limited by General Instruction I.B.6
    to Form S-3.

    F-10

NOTE
7: CONVERTIBLE PROMISSORY NOTES

In
June 2025, the Company entered into securities purchase agreements with certain investors, including the chief executive officer of the
Company, for the offering in a private placement of convertible promissory notes (the “Notes”) in the aggregate principal
amount of approximately $5.7 million and warrants to purchase shares of common stock.

The
Notes bore interest at the rate of 6%
per year and mature on July
28, 2026. The Notes were convertible, together with accrued interest, into shares of the Company’s common stock on the
date which was the earlier of (i) the date that is 30 days from the effectiveness of a reverse split effected by the Company on
Nasdaq (i.e. July 27, 2025), and (ii) the one-year anniversary from the issuance of the Notes.

On
July 27, 2025, the Notes automatically converted into an aggregate of 501,566
shares of the Company’s common stock, par value $0.01
per share, at a conversion price of $8.3024
per share, which represented 80%
of the average Nasdaq closing price of the Company’s common stock for the five trading days immediately preceding and
including the conversion date, subject to a maximum conversion price of $11.20
per share. In addition, for investors whose conversions would have exceeded ownership limits of 4.99%
or 9.99%,
the Company issued pre-funded warrants to purchase an aggregate of 190,795
shares of common stock which represent the portion that would otherwise exceed the applicable threshold. The pre-funded warrants
have substantially the same terms as the July 2025 Warrants (as defined below), except they are