SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-12-12
Accession Number: 0001493152-25-027406
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225027406/filename1.htm

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32,081 1,224 February 2, 2023 34,073,918 59,620,826 28,319 BIOVENTRIX, INC. Notes to Consolidated Financial Statements December 31, 2024 and 2023 March 29, 2023, the Company filed its “Third Amended and Restated Certificate of Incorporation” which split its common stock at a rate of 176.582 :1 and authorized the issuance of up to 12,000,0000 shares of common stock and 4,850,000 shares of new Series A preferred stock. Post split, there were 5,000,971 shares of common stock issued and outstanding. Class of Security Shares Authorized Post-Split Shares Issued and Outstanding Post-Split Shares Available Post-Split Common Stock 12,000,000 5,000,971 6,999,029 Series A Preferred 4,850,000 - 4,850,000 March 29, 2023 16,850,000 5,000,971 11,849,029 All shares on the Statement of Changes in Stockholders Equity as of January 1, 2023, are shown with retroactive effect to both the 65,500:1 reverse stock split on February 2, 2023, and subsequent 176.582 :1 stock split on March 29, 2023.

March 31, 2023, the Company sold 1,000,000 shares of its Series A Preferred Stock $10 per share and issued 565,000 shares of Series A
Preferred Stock to noteholders in exchange for outstanding convertible promissory notes. The total amount raised in the equity financing
was $15,650,000, exclusive of $372,960 of issuance costs. No other shares were issued in 2023. Related parties purchased 702,500 of the
shares for $7,025,000. See Note 7.

a result of the above transactions, total shares as of December 31, 2023, were as follows:

Class of Security Shares Authorized Shares Issued and Outstanding Shares Available

Common Stock 12,000,000 5,000,971 6,999,029

Series A Preferred 4,850,000 1,565,000 3,285,000

December 31, 2023 16,850,000 6,565,971 10,284,029

April 2024, the Company repurchased 225,900 Series A Preferred shares from three investors. The Company issued the 225,900 Sweetener
Shares to certain purchasers of Series A Secured Convertible Notes. See Note 7.

Also,
in April 2024, the Company issued 348,000 shares of restricted common stock to certain officers, directors and consultants of the Company.
The restricted stock was valued at $0.80 per share based on an independent 409A valuation received from a global financial advisory firm
specializing in corporate finance and business enterprise valuations. As the restricted shares fully vested by December 31, 2024, the
Company recorded $278,400 in selling, general administration expenses in 2024. See Note 7.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

June 2024, the Company issued 132,674 shares of common stock to former Series A-1 preferred stock shareholders that were owed shares
due to a miscalculation of shares issued as part of the re-capitalization of the Company on February 2, 2023. There was no additional
cash received by the Company for the issuance of these shares.

August 14, 2024, the Company amended its Certificate of Incorporation to increase the number of authorized shares of common stock to
25,000,000 and preferred stock to 12,500,000 shares of which 3,000,000 were designated Series A.

September 2024, the Company issued 231,000 shares of restricted common stock to certain officers, directors and consultants of the Company.
The restricted stock was valued at $0.80 per share based on an independent 409A valuation received from a global financial advisory firm
specializing in corporate finance and business enterprise valuations. As 134,745 shares vested by December 31, 2024, the Company recorded
$107,796 in selling, general administration expenses in 2024. The remaining 96,255 shares vested in 2025. See Note 7.

October 3, 2024, the Company amended its Certificate of Incorporation to authorize 1,200,000 shares of new Series A-1 preferred stock
from the authorized but undesignated Blank Check Preferred Stock.

a result of the above transactions, total shares as of December 31, 2024, were as follows:

Class of Security Shares Authorized Shares Issued and Outstanding Shares Available

Common Stock 25,000,000 5,616,390 19,287,355

Series A Preferred 6,000,000 1,565,000 4,435,000

Series A-1 Preferred 1,200,000 - 1,200,000

Blank Check Preferred 5,300,000 - 5,300,000

December 31, 2024 37,500,000 7,181,390 30,222,355

Rights
and Preferences of Preferred Shareholders

Dividends
– Holders of preferred stock are entitled to receive dividends whenever funds are legally available and when declared by the Board
of Directors, subject to the prior rights of holders of all classes of stock outstanding. The holders of the Series A preferred stock
are not entitled to cumulative dividends. No dividends have been declared by the board of directors as of December 31, 2024.

Liquidation
Rights – In the event of any liquidation, dissolution, or winding-up of the Company, each holder of Series A preferred stock
is entitled to receive a liquidation preference amount equal to one times the original issue price plus any dividends declared but unpaid.
After payment of the full liquidation preference to holders of preferred stock the remaining assets of the Company legally available
for distribution shall be distributed ratably to the holders of the common stock.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Conversion
– Each share of preferred stock is convertible at the option of the holder into shares of common stock (subject to adjustment for
certain events, including dilutive issuances, stock splits, and reclassifications) at a conversion price originally equal to the original
issue price subject to certain adjustments.

Mandatory
Conversion, Series A Preferred Stock – Upon an IPO with gross proceeds of $7,500,000 or more, the Series A Preferred Stock
is subject to immediate mandatory conversion into Common Stock at a conversion rate equal to the greater of (A) the then effective conversion
rate (defined as the Series A Original Issue Price divided by the Series A Conversion Price) or (B) one times (1x) the Original Issue
Price of the Series A Preferred Stock divided by the price per share of the Common Stock issued in this offering. For Series A preferred
shares, the original issue price is $10.00 per share and the current conversion price is $10.00 per share subject to adjustment for stock
splits and other forms of recapitalization.

Mandatory
Conversion, Series A-1 Preferred Stock – Upon the closing of an offering with gross proceeds of $7,500,000 or more, Series
A-1 Preferred Stock is subject to immediate mandatory conversion into Common Stock at a conversion rate equal to the greater of (A) the
then effective conversion rate (defined as the Series A-1 Original Issue Price divided by the Series A-1 Conversion Price) or (B) three
times (3x) the Original Issue Price of the Series A-1 Preferred Stock divided by the price per share of the Common Stock issued in this
offering. For Series A-1, the original issue price is $3.33 per share and the current conversion price is $3.33 per share subject to
adjustment for stock splits and other forms of recapitalization.

Voting
Rights – Each share of Series A preferred stock shall entitle the holder thereof to the number of votes per share equal to
the number of shares of common stock into which such share is convertible.

Rights
and Preferences of Common Shareholders

Dividends
– Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the Board
of Directors, subject to the prior rights of holders of all classes of stock outstanding.

Liquidation
Rights – after payment of the full liquidation preference to holders of preferred stock in the event of any liquidation, dissolution,
or winding-up of the Company the remaining assets of the Company legally available for distribution shall be distributed ratably to the
holders of the common stock.

Voting
Rights – Each share of common stock is entitled to one vote.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Reserved
shares of common stock – As of December 31, 2024, the Company had reserved shares of common stock for future issuance as follows:

Series A Preferred Stock 1,565,000

Convertible Notes 3,513,514

Stock options available for grant 1,500,000

Stock options outstanding -

Stock warrants outstanding -

Total common shares reserved 6,578,514

Note
12 – Stock compensation plan:

August 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which provides for the granting of incentive
stock options, nonstatutory stock options and restricted stock awards to employees, directors and consultants of the Company and its
affiliates.

The
2024 Plan is administered by the Board of Directors and permits the issuance of options for the purchase of shares of the Company’s
common stock. Options to purchase its common stock are granted at an exercise price not less than the fair value of the Company’s
common stock as of the date of grant. Nonstatutory stock options are granted at an exercise price not less than the fair value of the
Company’s common stock at the date of grant unless granted pursuant to a merger or other corporate transaction.

Options
vest as determined by the Board of Directors and are exercisable for a maximum period of ten years after the date of grant. Under the
terms of the 2024 Plan, certain options are immediately exercisable and subject to repurchase by the Company.