SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1
Document Type: EX-3.1
Date Filed: 2026-02-12
Accession Number: 0001493152-26-006407
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226006407/ex3-1.htm

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may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. Special Mandatory Conversion. Trigger Event. In the event the Second Tranche Closing (as defined below) occurs, any holder of shares of Preferred Stock that does not purchase, in the Second Tranche Closing, the Preferred Stock required to be purchased by such holder pursuant to the Series A Purchase Agreement (as defined below), then each share of Preferred Stock held by such defaulting holder shall automatically, and without any further action on the part of such holder, be converted into shares of Common Stock pursuant to the conversion ratio set forth in Section 4.1.1, provided however, that the Conversion Price used in such conversion will be the product of (x) the Conversion Price in effect immediately prior to the Second Tranche Closing, multiplied by (y) ten (10). Such conversion is referred to as a “Special Mandatory Conversion.”

Procedural Requirements. Upon a Special Mandatory Conversion, each holder of shares of Preferred Stock converted pursuant to Section
5A.1 shall be sent written notice of such Special Mandatory Conversion and the place designated for mandatory conversion of all such
shares of Preferred Stock pursuant to this Section 5A. Upon receipt of such notice, each holder of such shares of Preferred Stock
in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that
any such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation
to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction
of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered
for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation,
duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred
Stock converted pursuant to Section 5A.1, including the rights, if any, to receive notices and vote (other than as a holder of
Common Stock), will terminate at the time of the Special Mandatory Conversion (notwithstanding the failure of the holder or holders thereof
to surrender any certificates for such shares at or prior to such time), except only the rights of the holders thereof, upon surrender
of any certificate or certificates of such holders therefor (or lost certificate affidavit and agreement), to receive the items provided
for in the next sentence of this Section 5A.2. As soon as practicable after the Special Mandatory Conversion and, if applicable,
the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock so converted, the
Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number
of full shares of Common Stock issuable on such conversion in accordance with the provisions hereof, and (b) pay any declared but unpaid
dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued
as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as
may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

Definitions. For purposes of this Section 5A, the following definitions shall apply:

“Second Tranche Closing” shall have the meaning set forth in the Series A Purchase Agreement.

“Series A Purchase Agreement” shall mean that certain Series A Preferred Stock Purchase Agreement, dated March 30,
2023, by and among the Corporation and the purchasers listed therein.

Redemption.

General. Unless prohibited by Delaware law governing distributions to stockholders, shares of Preferred Stock shall be redeemed
by the Corporation at a price equal to the greater of (A) the Original Issue Price per share, plus all declared but unpaid dividends
thereon and (B) the Fair Market Value (determined in the manner set forth below) of a single share of Preferred Stock as of the date
of the Corporation’s receipt of the Redemption Request (the “Redemption Price”), in three (3) annual installments
commencing not more than one hundred eighty (180) days after receipt by the Corporation at any time on or after March 30, 2028 from the
Requisite Holders of written notice requesting redemption of all shares of Preferred Stock (the “Redemption Request”).
Upon receipt of a Redemption Request, the Corporation shall apply all of its assets to any such redemption, and to no other corporate
purpose, except to the extent prohibited by Delaware law governing distributions to stockholders. For purposes of this Section 6,
the Fair Market Value of a single share of Preferred Stock shall be the value of a single share of Preferred Stock as mutually agreed
upon by the Corporation and the holders of a majority of the shares of Preferred Stock then outstanding, and, in the event that they
are unable to reach agreement, by a third-party appraiser agreed to by the Corporation and the holders of a majority of the shares of
Preferred Stock then outstanding. The date of each such installment provided in the Redemption Notice (as defined below) shall be referred
to as a “Redemption Date.” On each Redemption Date, the Corporation shall redeem, on a pro rata basis in accordance
with the number of shares of Preferred Stock owned by each holder, that number of outstanding shares of Preferred Stock determined by
dividing (i) the total number of shares of Preferred Stock outstanding immediately prior to such Redemption Date by (ii) the number of
remaining Redemption Dates (including the Redemption Date to which such calculation applies); provided, however, that Excluded
Shares (as such term is defined in Section 6) shall not be redeemed and shall be excluded from the calculations set forth in this
sentence. If on any Redemption Date Delaware law governing distributions to stockholders prevents the Corporation from redeeming all
shares of Preferred Stock to be redeemed, the Corporation shall ratably redeem the maximum number of shares that it may redeem consistent
with such law, and shall redeem the remaining shares as soon as it may lawfully do so under such law.

Redemption Notice. The Corporation shall send written notice of the mandatory redemption (the “Redemption Notice”)
to each holder of record of Preferred Stock not less than forty (40) days prior to each Redemption Date. Each Redemption Notice shall
state:

the number of shares of Preferred Stock held by the holder that the Corporation shall redeem on the Redemption Date specified in the
Redemption Notice;

the Redemption Date and the Redemption Price;

the date upon which the holder’s right to convert such shares terminates (as determined in accordance with Section 4.1);
and

for holders of shares in certificated form, that the holder is to surrender to the Corporation, in the manner and at the place designated,
his, her or its certificate or certificates representing the shares of Preferred Stock to be redeemed.

the Corporation receives, on or prior to the twentieth (20th) day after the date of delivery of the Redemption Notice to a
holder of Preferred Stock, written notice from such holder that such holder elects to be excluded from the redemption provided in this
Section 6, then the shares of Preferred Stock registered on the books of the Corporation in the name of such holder at the time
of the Corporation’s receipt of such notice shall thereafter be “Excluded Shares.” Excluded Shares shall not
be redeemed or redeemable pursuant to this Section 6, whether on such Redemption Date or thereafter.

Surrender of Certificates; Payment. On or before the applicable Redemption Date, each holder of shares of Preferred Stock to be
redeemed on such Redemption Date, unless such holder has exercised his, her or its right to convert such shares as provided in Section
4, shall, if a holder of shares in certificated form, surrender the certificate or certificates representing such shares (or, if
such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably
acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the
alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at the place designated in the Redemption
Notice, and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate
or certificates as the owner thereof. In the event less than all of the shares of Preferred Stock represented by a certificate are redeemed,
a new certificate, instrument, or book entry representing the unredeemed shares of Preferred Stock shall promptly be issued to such holder.