Company: IMG
Filing Date: 2025-11-18
Form Type: 10-Q/A
Source: 0001493152-25-024067
Chunk: 25

Company: CIMG Inc.
Filing Date: 2025-11-18
Form: 10-Q/A
Chunk 25
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 December 12, 2024, CIMG Inc., entered into a convertible note and warrant purchase agreement with certain non U.S. investors (“Notes Investors”), providing for the private placement of convertible promissory notes in the aggregate principal amount of $ 10,000,000(the “Notes”) and warrants (the “Warrants”) to purchase up to an aggregate of 19,230,767shares of the Company’s common stock, par value $ 0.00001per share (the “Common Stock”) in reliance on the registration exemptions of Regulation S. The Notes bear interest at an annual rate of 7% and have a maturity date of one year from the issuance date. The Notes shall not be converted, and the Warrants shall not be exercised until the Company obtains shareholder approval for the issuance of shares underlying the Notes and the Warrants. Upon obtaining such approval, the holder may convert the Notes into a number of shares of Common Stock equal to (i) the outstanding principal amount of the Notes, plus any accrued but unpaid interest, divided by (ii) $ 0.52, the conversion price.

On March 18, 2025, all the Notes Investors converted their Notes to shares of Common Stock. As a result of such conversions of the Notes, the Company issued an aggregate of 19,457,618shares of Common Stock to the Notes Investors.

The following table summarizes the restricted common shares activities for the six months ended March 31, 2025 and 2024:

SCHEDULE OF RESTRICTED STOCK SHARES ACTIVITIES

|                                                    |     | 2025 |            |   |     | 2024 |         |   |
| Number of shares outstanding at September 30, 2024 
 and 2023                                           |     |      |    320,743 |   |     |      |  50,056 |   |
| Restricted shares granted                          |     |      | 24,363,200 |   |     |      |       - |   |
| Restricted shares forfeited                        |     |      |          - |   |     |      |  (6,757 | ) |
| Restricted shares vested                           |     |      | (1,400,908 | ) |     |      | (17,592 | ) |
| Number of shares outstanding at March 31,          
 2025 and 2024                                      |     |      | 23,283,035 |   |     |      |  25