SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-06
Accession Number: 0001493152-25-016953
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225016953/filename1.htm

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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 565,000 shares of Series A Preferred Stock in the March 2023 Series A Preferred Stock Financing. February 2023 Recapitalization In February 2023, we completed a recapitalization pursuant to which all of our 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 our 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 us at fair value. Additionally, substantially all of our then outstanding stock options and warrants were exchanged for Common Stock. March 2023 Series A Preferred Stock Financing

On March 30, 2023, we
consummated a Series A Preferred Stock financing (the “March 2023 Series A Preferred Stock Financing”) pursuant to which
we 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 our 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 us on or before September 30, 2023. Such milestones were not achieved by us. In connection with the March 2023
Series A Preferred Stock Financing, we amended and restated our 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, we entered into an Investors’ Rights Agreement, a Right of First Refusal and Co-Sale
Agreement, and a Voting Agreement with the holders of our Series A Preferred Stock and certain holders of our 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, we 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 us 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 Series A Secured Convertible Note Financing

From March 2024 through August
2024, we issued $3,000,000 in principal amount of secured convertible promissory notes (the “Series A Secured Convertible
Notes”) to accredited investors the repayment of which is secured by a grant of security interest in all of our assets. We also
issued shares of our 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”). As part of the Series A Secured Convertible
Note financing, we 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 Series A Secured Convertible Notes. The
Series A Secured Convertible Notes accrue interest at the annual rate of 15% compounded quarterly and have a maturity date of December
31, 2027. The Series A Secured Convertible Notes will automatically convert into shares of our Series A Preferred Stock immediately
prior to the closing of this offering (assuming gross proceeds of $7,500,000 to us 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
2024 Through September 2025 Series A-1 Secured Convertible Note Financing

From October 2024 through September
2025, we issued $5,372,600 in principal amount of 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 our 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 December 31, 2027.
As part of the Series A-1 Secured Convertible Note financing, we 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 us 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.

SHARES
ELIGIBLE FOR FUTURE SALE

Immediately
prior to this offering, there has been no market for our common stock, and a liquid trading market for our common stock may not develop
or be sustained after this offering. Future sales of substantial amounts of our common stock in the public market, or the perception
that such sales could occur, could adversely affect market prices prevailing from time to time and could impair our ability to raise
capital through the sale of our equity securities. Furthermore, because only a limited number of shares will be available for sale shortly
after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial
amounts of our common stock in the public market after the restrictions lapse. This may adversely affect the prevailing market prices
for the shares of our common stock, and our ability to raise equity capital in the future.

Based
on the number of shares outstanding as of the date of this prospectus, upon the closing of this offering, approximately             shares of common
stock will be outstanding, assuming an initial public offering price of             per share (the mid-point of the price range set forth on the
cover page of this prospectus), offered hereby and further assuming no exercise of the underwriters’ over-allotment option. Of
the shares to be outstanding immediately after completion of this offering, all             shares sold in this offering will be freely tradable
except that any shares purchased in this offering by our affiliates, as that term is defined in Rule 144 under the Securities Act, would
only be able to be sold in compliance with the Rule 144 limitations described below.

All
of our existing stockholders prior to this offering, our officers and directors have entered into lock-up agreements under which they
have agreed, subject to specific exceptions, not to sell any of our stock for at least 180 days following the date of this prospectus,
as described below. As a result of these agreements, subject to the provisions of Rule 144 or Rule 701, shares will be available for
sale in the public market as follows:

●	beginning
on the date of this prospectus, all of the shares sold in this offering will be immediately
available for sale in the public market (except as described above); and