AgeX Therapeutics exchanges $36M debt for preferred stock to regain NYSE compliance

Serina Therapeutics, Inc.

Issued 211,600 Series A and 148,400 Series B preferred shares to Juvenescence in exchange for canceling $36M of debt.
Debt exchange aims to bring AgeX stockholders' equity above $6M; pro forma equity improves from -$20M to ~$16M as of March 31, 2023.
Each preferred share convertible into common at $0.72/share; conversion subject to 19.9% and 50% caps unless stockholder approval obtained.
Preferred stock carries no dividends, liquidation preference over common, and limited voting rights.
Closing expected July 25, 2023, subject to NYSE American approval and filing of certificates of designation.

item 1.01 item 3.02 item 3.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Serina Therapeutics, Inc. entered into Registration Rights Agreement with Juvenescence Limited (effective 2023-07-21).

Action: entry
Counterparty: Juvenescence Limited
Effective: 2023-07-21

Exact text from the filing

AgeX and Juvenescence have entered into a Registration Rights Agreement pursuant to which AgeX has agreed to use commercially reasonable efforts to register the for sale under the Securities Act of 1933, as amended (the “Securities Act”) the shares of common stock issuable upon conversion of Preferred Stock.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Serina Therapeutics, Inc. entered into Exchange Agreement with Juvenescence Limited valued at $36 Million (effective 2023-07-21).

Action: entry
Agreement: equity purchase
Counterparty: Juvenescence Limited
Value: $36 Million
Effective: 2023-07-21

Exact text from the filing

On July 21, 2023, AgeX and Juvenescence Limited (“Juvenescence”) entered into an Exchange Agreement pursuant to which AgeX agreed to issue to Juvenescence 211,600 shares of a newly authorized Series A Preferred Stock and 148,400 shares of a newly authorized Series B Preferred Stock in exchange for the cancellation of a total of $36 Million of indebtedness

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245 material agreements filed in the last 30 days. Browse all material agreements →

Serina Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-025290

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