Company: LNAI
Filing Date: 2025-01-07
Form Type: 8-K
Source: 0001731122-25-000037
Chunk: 0

Company: Lunai Bioworks Inc.
Filing Date: 2025-01-07
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On January 6, 2025, Renovaro Inc. (“ Renovaro”)
announced that it entered into a binding letter of intent with Predictive Oncology Inc. (NASDAQ: POAI) (“ Predictive Oncology”)
for Predictive Oncology to be acquired by Renovaro in exchange for preferred stock of Renovaro.

Under the terms of the binding letter of intent, Predictive Oncology will be merged into Renovaro in exchange for a newly created series of
preferred stock of Renovaro. The preferred stock will be issued to shareholders of Predictive Oncology in a 1:1 exchange for their existing
Predictive Oncology common stock. The preferred stock is automatically redeemable for $3.00 per share after 18 months and may also be
converted to freely tradeable, registered Renovaro common stock at a 1:1 conversion ratio by either the holders thereof or Renovaro at
any time after Renovaro’s common stock has traded at or above $4.50 per share for 30 consecutive trading days. Renovaro also has
the right to redeem the preferred stock for cash at a redemption price of $3.00 per share (i) if the trading price of its common stock
is $3.00 or less or (ii) such preferred stock has not been converted within 30 days after the first date on which the holder could request
such conversion as described above. Notwithstanding the foregoing, if holders of Predictive Oncology’s Series A and Series B warrants
do not exercise their warrants before January 15, 2025, Renovaro has agreed to purchase up to 2.33 million shares of Predictive Oncology’s
common stock at $1.07 per share. The parties have agreed to enter into definitive documentation for the merger by no later than February
28, 2025. The merger is subject to a minimum fundraising of $15 million by Renovaro, as well as formal approval by the shareholders of
Predictive Oncology. A failure to obtain shareholder approval within sixty days from the parties’ execution of the definitive agreement,
and so long as Renovaro has purchased the Predictive Oncology shares as described above or the equivalent amount of capital is received
by Predictive Oncology either through a warrant exercise or Renovaro’s purchase of common shares or a combination thereof representing,
in the aggregate, additional