Company: QTIWW
Filing Date: 2025-11-03
Form Type: S-1
Source: 0001628280-25-048373
Chunk: 24

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-03
Form: S-1
Chunk 24
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 2035. Lynrock Lake may cashless exercise the Lynrock Lake Warrant. The Lynrock Lake Warrant is also subject to anti-dilution adjustments to the exercise price and the number of shares which may be purchased upon exercise of the Lynrock Lake Warrant in the event that the Company issues shares of Common Stock (or derivative securities) at a price that is either less than the $1.20 exercise price following the Reverse Stock Split or the fair market value of a share of Common Stock from the immediately prior trading day.

Extinguishment of Yorkville Note and Issuance of Warrant

On November 16, 2023, the Company entered into a Standby Equity Purchase Agreement (the “ SEPA ”) with YA II PN, Ltd., a Cayman Islands exempt limited partnership (“ Yorkville ”), pursuant to which Yorkville agreed, subject to the conditions therein, to purchase from the Company shares of its Common Stock for a value of up to $50,000,000 of which $10,000,000 was to be advanced by Yorkville as evidenced by a promissory note (such advance, the “ Pre-Paid Advance ”). Furthermore, as previously disclosed by the Company in a Current Report on Form 8-K filed on March 5, 2024 with the SEC, the Company, as consideration for the Pre-Paid Advance, on March 4, 2024 issued to Yorkville a promissory note (the “ Yorkville Note ”, and together with the SEPA, the “ Yorkville Financing Documents ”). The parties subsequently amended the Yorkville Financing Documents pursuant to that certain First Amendment to the Yorkville Financing Documents, dated September 26, 2024 (the “ First Amendment ”), that certain Second Amendment, dated October 31, 2024 to the Yorkville Financing Documents (the “ Second Amendment ”), and that certain Third Amendment, dated January 9, 2025 (the “ Third Amendment ”).

On February 26, 2025, the Company used a portion of the proceeds of the Lynrock Lake Term Loan to pay Yorkville an amount equal to $3,000,000 in cash and issued to Yorkville warrants, which if the Reverse Stock Split had occurred prior to the time of such issuance, would have been warrants to purchase 15,000,000 sh ares of its Common Stock at an exercise price of per share (and following the Reverse Stock Split, 5,000,071 shares of its