SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-08-05
Accession Number: 0001641172-25-022123
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000164117225022123/filename1.htm

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three years, the Company has not issued unregistered securities to any person, except as described below. None of these transactions involved any underwriters, underwriting discounts or commissions, except as specified below, or any public offering, and, unless otherwise indicated below, the Company believes that each transaction was exempt from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and/or Rule 506 of Regulation D promulgated thereunder, and/or Regulation S promulgated thereunder regarding offshore offers and sales. All recipients had adequate access, though their relationships with the Company, to information about the Company. April 2022 Through August 2022 Series B Preferred Stock Financing From April 2022 through August 2022, the Company issued $10,000,000 of Series B Preferred Stock to accredited investors. As noted below, such Series B Preferred Stock were later converted into common stock pursuant to the February 2023 recapitalization. January 2023 Unsecured Convertible Note Financing

January 2023, the Company issued $3,000,000 in principal amount of its unsecured convertible promissory notes (the “Unsecured Convertible
Notes”) to accredited investors which $3,000,000 principal amount included the exchange of $1,000,000 in principal amount of its
then outstanding unsecured short-term promissory notes for $1,000,000 in principal amount of Unsecured Convertible Notes. The Unsecured
Convertible Notes accrue interest at an annual rate of 10%, had a maturity date of June 30, 2023, and the principal amount automatically
converts into the type of securities issued by the Company in a subsequent equity financing of at least $10,000,000 in gross proceeds
at the price per share paid by investors in the equity financing. A cash fee of 1.5% of the principal amount of the Unsecured Convertible
Note is also due on the earlier of the conversion of the Unsecured Convertible Note or the maturity date of the Unsecured Convertible
Note. On March 21, 2023, the Company issued an additional Unsecured Convertible Note in the principal amount of $2,650,000. The aggregate
outstanding amount of $5,650,000 was later converted into preferred stock in the March 2023 Series A Preferred Stock Financing.

February
2023 Recapitalization

February 2023, the Company completed a recapitalization pursuant to which all of the Company’s then outstanding Series A Preferred
Stock, Series A-1 Preferred Stock and Series B Preferred Stock were converted into shares of Common Stock and all of the Company’s
then outstanding Common Stock underwent a reverse Common Stock split of 1 share of Common Stock share for each 65,500 shares of Common
Stock with any fractional shares of Common Stock existing immediately after the reverse Common Stock split being purchased in cash by
the Company at fair value. Additionally, substantially all of the Company’s then outstanding stock options and warrants were exchanged
for Common Stock.

March
2023 Series A Preferred Stock Financing

March 30, 2023, the Company consummated a Series A Preferred Stock financing (the “March 2023 Series A Preferred Stock Financing”)
pursuant to which the Company issued $15,650,000 of newly authorized Series A Preferred Stock (which amount included the conversion of
the $5,650,000 in principal amount of the Company’s then outstanding Unsecured Convertible Notes) to accredited investors at the
initial closing with the potential for issuance of up to $32,850,000 in additional Series A Preferred Stock in subsequent closings if
certain milestones were achieved by the Company on or before September 30, 2023. Such milestones were not achieved by the Company. In
connection with the March 2023 Series A Preferred Stock Financing, the Company amended and restated its then existing Second Amended
and Restated Certificate of Incorporation to read as set forth in its Third Amended and Restated Certificate of Incorporation which amended
and restated certificate provided for an immediate forward Common Stock split of 176.582 shares of Common Stock for each 1 share of outstanding
Common Stock and set forth the rights, preferences, and privileges of the newly authorized Series A Preferred Stock. Additionally, as
part of the March 2023 Series A Preferred Stock Financing, the Company entered into an Investors’ Rights Agreement, a Right of
First Refusal and Co-Sale Agreement, and a Voting Agreement with the holders of the Company’s Series A Preferred Stock and certain
holders of the Company’s Common Stock. The Right of First Refusal and Co-Sale Agreement and the Voting Agreement automatically
terminate immediately prior to the closing of this offering. Subsequent to the closing of the March 2023 Series A Preferred Stock Financing,
the Company filed two amendments to its Third Amended and Restated Certificate of Incorporation which amendments amended, reduced or
eliminated several rights of the Series A Preferred Stock, increased the authorized amount of Common Stock and Preferred Stock, and designated
some of the authorized Preferred Stock as Blank Check Preferred Stock. Upon the closing of this offering (assuming gross proceeds of
$7,500,000 to the Company in this offering), the Series A Preferred Stock is subject to mandatory conversion such that each outstanding
share of Series A Preferred Stock will automatically convert into shares of Common Stock at a conversion rate equal to the greater of
(A) the then effective conversion rate as calculated pursuant to Section 5 of the Third Amended and Restated Certificate of Incorporation,
as amended or (B) the original issue price of the Series A Preferred Stock divided by the price per share of the Common Stock issued
in this offering.

March
2024 Through August 2024 Secured Convertible Note Financing

From
March 2024 through August 2024, the Company issued $3,000,000 in principal amount of its secured convertible promissory notes (the “Secured
Convertible Notes”) to accredited investors the repayment of which is secured by a grant of security interest in all of the Company’s
assets. The Company also issued shares of the Company’s Series A Preferred Stock to those purchasers that had purchased at least
$50,000 in principal amount of the Secured Convertible Notes on or before March 21, 2024 (the “Series A Sweetener Shares”).
The Secured Convertible Notes accrue interest at the annual rate of 15% compounded quarterly and have a maturity date of August 31, 2026.
As part of the Secured Convertible Note financing, the Company repurchased from certain holders of Series A Preferred Stock the same
amount of Series A Preferred Stock shares as the amount of Series A Sweetener Shares that were issued to certain purchasers of the Secured
Convertible Notes. The Secured Convertible Notes will automatically convert into shares of Series A Preferred Stock of the Company at
the conversion price of $10.00 per share immediately prior to the closing of this offering (assuming gross proceeds of $7,500,000 to
the Company in this offering), which Series A Preferred Stock is then subject to immediate mandatory conversion into Common Stock at
a conversion rate equal to the greater of (A) the then effective conversion rate as calculated pursuant to Section 5of the Third
Amended and Restated Certificate of Incorporation, as amended or (B) the original issue price of the Series A Preferred Stock divided
by the price per share of the Common Stock issued in this offering.

October
8, 2024 Through December 20, 2024 Series A-1 Secured Convertible Note Financing

From
October 8, 2024 through July 2025, the Company issued $2,887,000 in principal amount of its secured convertible promissory notes (the
“Series A-1 Secured Convertible Notes”) to accredited investors the repayment of which is secured by a grant of security
interest in all of the Company’s assets which security interest is pari passu to the security interest granted to the Secured Convertible
Note holders. The Series A-1 Secured Convertible Notes accrue interest at the annual rate of 15% compounded quarterly and have a maturity
date of August 31, 2026. As part of the Series A-1 Secured Convertible Note financing, the Company filed a Certificate of Designations
of the Rights, Preferences and Privileges of Series A-1 Preferred Stock which designated a new Series A-1 Preferred Stock from its authorized
Blank Check Preferred Stock. The Series A-1 Secured Convertible Notes automatically convert into shares of Series A-1 Preferred Stock
at the conversion price of $3.33 per share immediately prior to the closing of this Offering (assuming gross proceeds of $7,500,000 to
the Company in this offering), which shares of Series A-1 Preferred Stock are then subject to immediate mandatory conversion into Common
Stock at a conversion rate equal to the greater of (A) the then effective conversion rate as calculated pursuant to Section 5 of the
Certificate of Designations of Rights, Preferences and Privileges of Series A-1 Preferred Stock or (B) three times (3x) the original
issue price of the Series A Preferred Stock divided by the price per share of the Common Stock issued in this offering.

Item
16. Exhibits

The
following is a list of exhibits filed as a part of this registration statement:

Exhibit
Number Description
of Document

1.1 Form
of Underwriting Agreement*

3.1 Third Amended and Restated Certificate of Incorporation of BioVentrix, Inc.

3.2 Amendment No. 1 to Third Amended and Restated Certificate of Incorporation of BioVentrix, Inc.

3.3 Amendment No. 2 to Third Amended and Restated Certificate of Incorporation of BioVentrix, Inc.