Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 357

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 357
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 and CEO is a shareholder and member of the board of directors of Oncotelic with
less than 1% ownership of total shares outstanding of Oncotelic, and a paid advisor of Oncotelic (see Note 11).

     F-23 

    Mosaic ImmunoEngineering, Inc.

    Notes to Consolidated Financial Statements
    For the Years Ended December 31, 2024 and 2023 (continued)

13.        Oncotelic
Therapeutics, Inc. (“Oncotelic”)

In an effort to establish a new product pipeline,
on April 26, 2024, we entered into a Binding Term Sheet with Oncotelic pursuant to which we intend to acquire (i) certain rights to Oncotelic’s
clinical stage necroptosis cancer therapies associated with its vascular disruptive agents (“VDAs”) and related regulatory
and clinical packages, and (ii) non-exclusive access to its proprietary Artificial Intelligence (“AI”) technologies for identifying
immunotherapy combinations, in exchange for the issuance of shares of our common stock valued at $15.0 million upon execution of the definitive
agreement (representing 47,923,322 shares of our common stock), or a combination of common stock and preferred stock to be determined
by the parties, along with additional milestones allowing Oncotelic to earn up to an additional $15.0 million in shares of common stock
that would be valued at the time of issuance, if earned. Pursuant to the Binding Term Sheet, we and Oncotelic agreed to negotiate in good
faith towards the execution of a definitive agreement and the closing of the transaction by June 30, 2025, as amended, which is subject
to customary due diligence and other conditions, including us obtaining shareholder approval for the transaction and receiving waivers
from our holders of Convertible Notes representing at least 90% of the principal amount outstanding from any payment that would become
due and payable upon a corporate transaction as contemplated under the Binding Term Sheet (see Note 7).

In addition, under the Binding Term Sheet, (i) we
will continue the development work necessary to achieve the mutually agreed upon milestones upon the requisite funding, (ii) Oncotelic
will provide a loan to us to cover certain operational costs of the Company through June 1, 2024, (iii) Oncotelic will assist the Company
in potentially raising initial funding to support the technologies of $2 million, and (iv