Company: LNAI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001731122-25-001544
Chunk: 33

Company: Lunai Bioworks Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 the assets.

NOTE 10 — ACQUISITIONS

BioSymetrics Inc. Acquisition:

On February 26, 2025, Lunai Bioworks Inc., a Delaware
corporation (“Lunai”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with
Renovaro Acquisition Sub, a Delaware corporation and wholly owned subsidiary of Lunai (“Merger Sub”), and Biosymetrics,
Inc., a Delaware corporation (“Biosymetrics”), pursuant to which Lunai agreed to acquire Biosymetrics pursuant to the
merger of Merger Sub with and into Biosymetrics, with Biosymetrics as the surviving corporation and a wholly owned subsidiary of Lunai
(the “Transaction”). On April 8, 2025, Lunai consummated the Transaction and issued 1.5 million shares of Lunai’s
common stock, par value $0.0001 per share (the “Shares”), to the former stockholders of Biosymetrics in accordance
with the terms of the Merger Agreement.

The offer and sale of the Shares have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from registration
requirements thereunder provided by Section 4(a)(2) thereof. Lunai relied in part upon representations contained in the Merger Agreement
that all those receiving Shares in connection with the Transaction are “accredited investors” as defined in Rule 501(a) under
the Securities Act.

The
transaction was accounted for in accordance with ASC 805-10 - Business Combinations. The assets acquired and liabilities
assumed are initially recognized in the accompanying consolidated balance sheets at their estimated fair values as of the acquisition
date. The fair values as of the acquisition date are based on information that existed as of the acquisition date.

The acquisition-date
fair value of the consideration transferred totaled approximately $6 million, which consisted of the following:

Schedule of acquisition
fair value of the consideration

Common stock
 
$
6,058,500

Total consideration transferred
 
$
6,058,500

The
fair value of the Company’s common shares issued as consideration was based on the closing price of the Company’s common stock
as of the Acquisition Date. 

    22

The
following table details the fair values of the assets acquired and liabilities assumed at the acquisition date:

Schedule of fair values of the assets acquired and liabilities

Cash
 
$
(3,