Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 61

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 61
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 RS Bio to issue a 5% Original Issue Discount Promissory Note for the principal amount of $1,000,000 (the
“November 2023 Note”). The Company received a total of $950,000 in gross proceeds after taking into account the 5% original
issue discount. The discount of $50,000 will be accreted over the life of the Note. The Note bears an interest rate of 12% per annum
and shall mature on January 1, 2024(the “Maturity Date”). The Company is required to pay interest on the maturity date (see
Note 8.)

On
October 10, 2023, the Board of Directors of the Company (the “Board”) appointed Avram Miller to the Board, effective October
11, 2023, to fill a vacancy. Mr. Miller will serve until the Company’s 2024 Annual Meeting of Stockholders subject to this re-election
or until his successor has been duly elected and qualified. In addition to Mr. Miller’s appointment to the Board, Mr. Miller, the
co-founder of Intel Capital, entered into an advisory agreement with the Company (the “Advisory Agreement”), pursuant
to which Mr. Miller will provide advice to the Board and the Company on various matters including strategic opportunities, capital allocation,
business development, minority investments and licensing arrangements, among others. As compensation for these services, the Company will
issue Mr. Miller 1,000,000 shares of restricted stock, 166,667 of which will vest in 2024, 444,444 will vest in 2025, and 388,889 will
vest in 2026, subject to Mr. Miller’s continued service through each applicable vesting date.

On August 1, 2023, RS Bio, purchased
in a Private Placement 70,126 of the Company’s Units at a price per Unit equal to $7.13 for aggregate proceeds to the Company of
$500,000. Mr. Rene Sindlev, the Chairman of the Company’s Board of Directors, holds the sole voting and disposition power of the shares owned by RS Bio. The Board of Directors (excluding Mr. Sindlev) approved the participation of certain officers and directors of the Company in the Private Placement on identical terms as the other investors of the Private Placement
(see Note 8.)

On August 1, 2023, Paseco ApS,
in connection with the Private Placement, converted $