Company: RGNT
Filing Date: 2025-02-12
Form Type: DRS/A
Source: 0001213900-25-012299
Chunk: 281

Company: REGENTIS BIOMATERIALS LTD.
Filing Date: 2025-02-12
Form: DRS/A
Chunk 281
---
 2021 Notes bear no interest until
June 30, 2022. After June 30, 2022 and until the earlier of (a) conversion of the 2021 Notes, or (b) the Maturity Date, the 2021 Notes
shall bear annual interest at a rate of 4.0%, with such interest added to the principal amount of the 2021 Notes and either converted
into securities of the Company upon an IPO or upon maturity. Interest expenses amounted to $8 and $33 in 2023 and 2022, respectively,
and were included financial expenses, net in the Company’s statements of comprehensive loss.

In any event that the Company shall raise
a loan after September 2021 on terms which are more advantageous to the 2021 CLA investors (the “Subsequent Loan”), then,
the 2021 CLA investors shall have the right to convert the terms and conditions in relation to the 2021 Notes to the terms of the Subsequent
Loan.

Unless previously converted or repaid,
upon consummation of an IPO, the 2021 Notes shall be automatically converted into such number of securities (ordinary shares and warrants,
as may be issued upon the IPO) issued in such IPO, based on a price per share equal to 80.0% of the price per security paid under the
IPO.

In the event that the 2021 Notes
were not converted or repaid prior to the Maturity Date, the 2021 Notes shall be automatically converted on the Maturity Date, into
the Company’s most senior class of securities then issued and outstanding, based on a price per share reflecting a pre money
valuation of the Company (determined on a fully diluted basis of the date of the conversion) of $30,000.

<div align='center'>F-31</div>

REGENTIS BIOMATERIALS LTD.

NOTES TO FINANCIAL STATEMENTS

U.S. dollars in thousands, except share and per share data

| NOTE 6:- | CONVERTIBLE NOTES (Cont.) |

On March 11, 2023, the 2021 Notes reached
their Maturity Date. Since no repayment occurred, the 2021 Notes were converted at that date into 35,354 preferred D-2 shares. In addition,
the number of 2021 Warrants and their exercise price was determined (refer to Note 7b).

The Company accounts for the 2021 Notes
as follows: