Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 155

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 155
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 vote of stockholders, including the
election of directors, and do not have any right to cumulate votes in the election of directors.

Dividends —Holders
of Common Stock are entitled to receive ratably such dividends as the Company’s Board of Directors from time to time may declare
out of funds legally available.

Liquidation Rights —
In the event of any liquidation, dissolution or winding-up of the affairs of the Company, after payment of all debts and liabilities,
the holders of Common Stock will be entitled to share ratably in the distribution of any remaining assets.

Purchase Agreement with Lincoln Park Capital

On June
20, 2023, the Company entered into a purchase agreement (the “2023 Purchase Agreement”) with Lincoln Park, pursuant to which
the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $20,000,000 of shares of Common Stock
over the 36-month term of the 2023 Purchase Agreement. Concurrently with entering into the 2023 Purchase Agreement, the Company also entered
into a registration rights agreement with Lincoln Park, pursuant to which it agreed to provide Lincoln Park with certain registration
rights related to the shares issued under the 2023 Purchase Agreement.

F-26

In consideration for entering into
the 2023 Purchase Agreement, the Company issued 696,021 shares of Common Stock to Lincoln Park as a commitment fee on June 20, 2023.

During the years ended June 30,
2024 and June 30, 2023 no shares of Common Stock to Lincoln Park were sold under the Purchase Agreement.

Preferred Stock Issuances

On August 1, 2023, the Company
closed a private placement of 280,505 units (the “Units”), each consisting of (i) one share of the Company’s
Series A Convertible Preferred Stock, (the “Preferred Stock”) and (ii) one Common Stock purchase warrant (each, a “Warrant”,
and together with the Units and the shares of Preferred Stock, the “Securities”) to purchase five shares of the Company’s
Common Stock, at a price per Unit equal to $7.13 for aggregate proceeds to the Company of $2,000,000 in cash. In addition, the Company
issued 280,505 Units in connection with the conversion of $2,000,000 of the Promissory Note (see Note 8).

The Company issued an
aggregate of