Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 808

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7
Chunk 808
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 would have been
if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.

GEDi Cube Intl Ltd. Acquisition:

On September
28, 2023, the Company, entered into a Stock Purchase Agreement (the “Purchase Agreement”) with GEDi Cube Intl Ltd.,
a private company formed under the laws of England and Wales (“GEDi Cube”) to acquire 100% of the equity interests
of GEDi Cube from its equity holders (the “Sellers”). On September 28, 2023, the Board of Directors of the Company,
and the board of managers of GEDi Cube unanimously approved the Purchase Agreement and on January 25, 2024, the shareholders of the Company
approved the issuance of the shares of Common Stock pursuant to the Purchase Agreement. On February 13, 2024 (the “Closing Date”),
the Company consummated the acquisition of GEDi Cube and the other transactions contemplated by the Stock Purchase Agreement (collectively,
the “Transaction”). As a result of the Transaction, GEDi Cube became a wholly-owned subsidiary of the Company. The Company
believes the acquisition will provide it with access to the nascent field of artificial intelligence and machine learning driven diagnostics,
which was the primary purpose for the acquisition.

Pursuant
to the Stock Purchase Agreement, as of the Closing Date, the Company acquired all the issued and outstanding equity interests of GEDi
Cube owned by the Sellers as of the Closing Date (each, a “GEDi Cube Share” and, collectively, the “GEDi Cube Shares”)
in exchange for which each Seller was entitled to receive (i) as of the Closing Date, such Seller’s pro rata percentage of an aggregate
of 70,834,183 shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”), which represents the 67,224,089
shares of Common Stock issued and outstanding as of the Closing Date (minus (a) 1 million shares of Common Stock previously issued to
a consultant assisting with the Transaction and (b) 1 million shares of Common Stock previously issued to Avram Miller, a director of
the Company, pursuant to his Advisory Agreement, dated October 11, 2023, by and between Mr. Miller and the Company) (the “Closing
Consideration”) plus 5,610,100 shares of Common Stock representing the Seller’s Earnout