Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 63

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 63
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4 (the “Closing Date”), the Company consummated the previously announced acquisition of GEDi Cube and the other transactions
contemplated by the Stock Purchase Agreement (collectively, the “Transaction”). As a result of the Transaction, GEDi Cube
became a wholly-owned subsidiary of the Company.

Pursuant
to the Stock Purchase Agreement, as of the Closing Date, the Company acquired all the issued and outstanding equity interests of GEDi
Cube owned by the Sellers as of the Closing Date (each, a “GEDi Cube Share” and, collectively, the “GEDi Cube Shares”)
in exchange for which each Seller was entitled to receive (i) as of the Closing Date, such Seller’s pro rata percentage of an aggregate
of 70,834,183 shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”), which represents the
67,224,089 shares of Common Stock issued and outstanding as of the Closing Date (minus (a) 1 million shares of Common Stock previously
issued to a consultant assisting with the Transaction and (b) 1 million shares of Common Stock previously issued to Avram Miller, a director
of the Company, pursuant to his Advisory Agreement, dated October 11, 2023, by and between Mr. Miller and the Company) (the “Closing
Consideration”) plus 5,610,100 shares of Common Stock representing the Seller’s Earnout Shares (defined below) resulting
from the automatic conversion of the Company’s Series A Convertible Preferred and, (ii) following the Closing Date, such Seller’s
pro rata percentage of the shares of Common Stock (the “Earnout Shares” and, together with the Closing Consideration, the
“Exchange Consideration”) to be issued to the Sellers upon the exercise or conversion of any of the Company’s derivative
securities (subject to certain exceptions) that are outstanding at the Closing Date (the “Closing Derivative Securities”).
Each Seller’s pro rata percentage of the Exchange Consideration is equal to the ratio of the aggregate number of GEDi Cube Shares
owned by such Seller divided by the aggregate number of GEDi Cube Shares issued and outstanding, in each case, as of the Closing Date.

The transaction was accounted for in accordance with the provisions of ASC 805-10 - Business Combinations.As a result
of the issuance of the Closing Consideration on the Closing Date and based on the number