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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from registration either (i) under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder in that the transactions were between an issuer and sophisticated investors, initial purchasers or members of the issuer’s senior executive management and did not involve any public offering within the meaning of Section 4(a)(2), (ii) under Regulation S promulgated under the Securities Act in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in the United States, (iii) under Rule 144A under the Securities Act in that the securities were offered and sold by the initial purchasers to persons reasonably believed to be qualified institutional buyers, and/or (iv) under Rule 701 promulgated under the Securities Act in that the transactions were under compensatory benefit plans and contracts relating to compensation. April 2022 Through August 2022 Series B Preferred Stock Financing

From
April 2022 through August 2022, we 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, we 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 us 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, we 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 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 Secured Convertible Note Financing

From March 2024 through August
2024, we 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 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”). 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, 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 Secured Convertible Notes. The Secured Convertible
Notes will automatically convert into shares of our Series A Preferred Stock 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 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
8, 2024 Through December 20, 2024 Series A-1 Secured Convertible Note Financing

From October 8, 2024 through
July 2024, we 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 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 August 31, 2026.
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