Company: INDP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023333
Chunk: 48

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 the common stock (as reflected on
    Nasdaq.com) for the five trading days immediately preceding the effective date). On February 12, 2025, the Company filed a Form S-1
    covering the resale of up to 357,142
    shares of common stock comprised of (i) 10,927
    commitment shares, and (ii) up to 346,215
    shares of common stock reserved for issuance and sale to Yorkville under the SEPA. The Form S-1 was declared effective on February
    13, 2025. During the first six months of 2025, the Company sold and issued 89,902
    shares of common stock under the SEPA for aggregate net proceeds of approximately $1.75
    million, after deducting offering expenses in the amount of approximately $0.1
    million.

NOTE
7: CONVERTIBLE PROMISSORY NOTES

In
June 2025, the Company entered into securities purchase agreements with certain investors, including the chief executive officer of the Company, for
the offering in a private placement of convertible promissory notes (the “Notes”) in the aggregate principal amount of
approximately $5.7
million and warrants to purchase shares of common stock.

    F-10

The
Notes bore interest at the rate of 6% per year and mature on July 28, 2026. The Notes were convertible, together with accrued interest,
into shares of the Company’s common stock on the date which is the earlier of (i) the date that is 30 days from the effectiveness
of a reverse split effected by the Company on Nasdaq (i.e. July 27, 2025), and (ii) the one-year anniversary from the issuance of the
Notes.

On
July 27, 2025, the Notes automatically converted into an aggregate of 501,566
shares of the Company’s common stock, par value $0.01
per share, at a conversion price of $8.3024
per share, which represented 80%
of the average Nasdaq closing price of the Company’s common stock for the five trading days immediately preceding and
including the conversion date, subject to a maximum conversion price of $11.20
per share. In addition, for investors whose conversions would have exceeded ownership limits of 4.99%
or 9.99%,
the Company issued pre-funded warrants to purchase an aggregate of 190,