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

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 10
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 SEPA, the Company issued to Yorkville 10,927
    shares of common stock as commitment shares. Under the applicable Nasdaq Rules and pursuant to the SEPA, in no event may the Company
    issue or sell to Yorkville more than 100,830
    shares of common stock (the “Exchange Cap”), which is 19.99%
    of the shares of common stock outstanding immediately prior to the execution of the SEPA, unless (i) the Company obtains stockholder
    approval to issue shares of common stock in excess of the Exchange Cap, or (ii) the average price of all applicable sales of common
    stock under the SEPA equals or exceeds $22.882
    per share (which represents the lower of (i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) on the trading day
    immediately preceding the effective date or (ii) the average Nasdaq Official Closing Price of 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