Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 9

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 3
Chunk 9
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 a private placement that occurred in April 2025, subsequent to the quarter to which this Quarterly Report pertains.

The Company entered into a Securities Purchase Agreement, dated May 12, 2025 (the “Recanati Securities Purchase Agreement”), with Leon Recanati (the “Purchaser”) for a private placement (the “May 2025 Private Placement”) of securities. At the closing of the May 2025 Private Placement, the Company will issue (i) 205,339 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”); and (ii) a Common Stock Purchase Warrant (the “Recanati Warrant” and together with the Shares, the “Securities”) with a term of five years from the initial exercise date to purchase up to an additional 205,339 shares of Common Stock (all of such shares issuable upon exercise of the Recanati Warrant, the “Recanati Warrant Shares”).

The purchase price of each Share is $0.974, which represents 110% of the five-day volume weighted trading price for the Common Stock through May 9, 2025 (the “Per Share Purchase Price”), and the per share exercise price of the Recanati Warrant is $1.12. The aggregate gross proceeds to the Company from the May 2025 Private Placement will be approximately $200,000, before deducting the offering expenses payable by the Company, which expenses consist solely of legal fees. The Company intends to use the net proceeds from the offering for working capital purposes.

The Securities are being sold without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public 

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offering and Rule 506(b) of Regulation D promulgated under the Securities Act as sales to accredited investors and in reliance on similar exemptions under applicable state laws.

Securities Purchase Agreement

The Recanati Securities Purchase Agreement contains customary representations, warranties, and covenants of the Company and the Purchaser, and customary closing conditions, indemnification rights, and other obligations of the parties. The May 2025 Private Placement is expected to be closed by May 19, 2025. Under the Recanati Securities Purchase Agreement, the Company agreed to use the net proceeds from the sale of the Rec