Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 247

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 247
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 the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
either issued and outstanding or held by the Company as treasury stock, effective as of 12:01 a.m. (New York time) on September 29, 2025
(the “Reverse Stock Split”). The Common Stock will begin trading on a
reverse stock split-adjusted basis on The Nasdaq Capital Market on September 30, 2025.

On September 18, 2025, the Company entered into the
First Amendment to Convertible Promissory Note whereby the January 2024 Note (see Note 8 to the Financial Statements) that matured on
December 29, 2024, was amended extending the Maturity Date in the second paragraph of the Note from December 29, 2024 to December 29,
2025. Accordingly, the Note unless otherwise amended, replaced, or otherwise altered by this First Amendment, any and all terms contained
in the Note continue in full force and effect.

On September 2, 2025, the Court
of Amsterdam (the “Court”) declared bankrupt Gedi Cube B.V. (“Gedi”), an indirect subsidiary of Lunai Bioworks,
Inc. (“Lunai”), and appointed Mr. M.M. Dellebeke as the receiver in the bankruptcy. Gedi filed a voluntary petition seeking
a declaration of bankruptcy due to its inability to make payments as they became due. As a result of this, the Company determined that
a material impairment of Gedi had occurred (see Note 6 to the financial statements).

On August 18, 2025, the Company
issued Promissory Notes in the aggregate principal amount of $1,000,000. The Notes bear an interest rate of 18% per annum and
mature on the 6-month anniversary of the Issue Date., (the “Maturity Date”). The Company is required to pay principal
and interest on the Maturity Date.	

From July 3, 2025, to August 19, 2025, the Company
issued Promissory Notes in the aggregate principal amount of $695,000. The Notes bear an interest rate of 10% per annum and
mature on June 30, 2026, (the “Maturity Date”). The Company is required to pay principal and interest on the Maturity
Date.

On July 7, 2025, Lun