SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1
Document Type: EX-3.7
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/ex3-7.htm

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additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing the Series A-1 Original Issue Price by the Series A-1 Conversion Price (as defined below) in effect at the time of conversion. The “Series A-1 Conversion Price” shall initially be equal to $7.50. Such initial Series A-1 Conversion Price, and the rate at which shares of Series A-1 Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below. 4.1.2 Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Series A-1 Preferred Stock.

4.2 Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of the Series A-1 Preferred Stock. In lieu of any fractional
shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair
market value of a share of Common Stock as determined in good faith by the Board of Directors of the Corporation. Whether or not fractional
shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Series A-1 Preferred
Stock the holder is at the time converting into Common Stock and the aggregate number of shares of Common Stock issuable upon such conversion.

4.3 Mechanics
of Conversion.

4.3.1 Notice
of Conversion. In order for a holder of Series A-1 Preferred Stock to voluntarily convert shares of Series A-1 Preferred Stock into
shares of Common Stock, such holder shall (a) provide written notice to the Corporation’s transfer agent at the office of the transfer
agent for the Series A-1 Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer
agent) that such holder elects to convert all or any number of such holder’s shares of Series A-1 Preferred Stock and, if applicable,
any event on which such conversion is contingent and (b), if such holder’s shares are certificated, surrender the certificate or
certificates for such shares of Series A-1 Preferred Stock (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),
at the office of the transfer agent for the Series A-1 Preferred Stock (or at the principal office of the Corporation if the Corporation
serves as its own transfer agent). Such notice shall state such holder’s name or the names of the nominees in which such holder
wishes the shares of Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be
endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by
the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer
agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or
lost certificate affidavit and agreement) shall be the time of conversion (the “Conversion Time”), and the shares
of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation
shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Series A-1 Preferred Stock, or to his,
her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion in accordance
with the provisions hereof and a certificate for the number (if any) of the shares of Series A-1 Preferred Stock represented by the surrendered
certificate that were not converted into Common Stock, (ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any
fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid cash dividends on the
shares of Series A-1 Preferred Stock converted.

4.3.2 Reservation
of Shares. The Corporation shall at all times when the Series A-1 Preferred Stock shall be outstanding, reserve and keep available
out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Series A-1 Preferred Stock, such
number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding
Series A-1 Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to
effect the conversion of all then outstanding shares of the Series A-1 Preferred Stock, the Corporation shall take such corporate action
as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for
such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary
amendment to the Corporation’s Certificate of Incorporation. Before taking any action which would cause an adjustment reducing
the Series A-1 Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Series A-1 Preferred
Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation
may validly and legally issue fully paid and non-assessable shares of Common Stock at such adjusted Series A-1 Conversion Price.

4.3.3 Effect
of Conversion. All shares of Series A-1 Preferred Stock which shall have been surrendered for conversion as herein provided shall
no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion
Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor, to receive payment in lieu
of any fraction of a share otherwise issuable upon such conversion as provided in Subsection 4.2 and to receive payment of any
cash dividends declared but unpaid thereon. Any shares of Series A-1 Preferred Stock so converted 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 Series A-1 Preferred Stock accordingly.

Further Adjustment. Upon any such conversion, no adjustment to the Series A-1 Conversion Price shall be made for any declared but
unpaid dividends on the Series A-1 Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion.

4.3.5 Taxes.
The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares
of Common Stock upon conversion of shares of Series A-1 Preferred Stock pursuant to this Section 4. The Corporation shall not,
however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of
Common Stock in a name other than that in which the shares of Series A-1 Preferred Stock so converted were registered, and no such issuance
or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any
such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

4.4 Adjustments
to Series A-1 Conversion Price for Diluting Issues.

4.4.1 Special
Definitions. For purposes of this Section 4, the following definitions shall apply:

(a) “Option”
shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

(b) “Series
A-1 Original Issue Date” shall mean the date on which the first share of Series A-1 Preferred Stock was issued.

(c) “Convertible
Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or
exchangeable for Common Stock, but excluding Options.

(d) “Additional
Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Subsection 4.4.3 below, deemed
to be issued) by the Corporation after the Series A-1 Original Issue Date, other than (1) the following shares of Common Stock and (2)
shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively,
“Exempted Securities”):