INVO Bioscience extends merger deadline, secures $5M financing from NAYA, extends convertible notes

INVO Fertility, Inc.

Second Amendment extends merger end date to April 30, 2024; interim PIPE reduced to $2M of preferred stock at $5/share with schedule.
NAYA agrees to purchase up to 1M Series A Preferred shares at $5/share for $5M total, with tranches starting Dec 2023.
Convertible notes ($410k) maturity extended to June 30, 2024; conversion and warrant exercise prices reduced to $2.25.
CEO and CFO salary temporarily reduced to $105k from Aug 2023; reverted to $260k and $215k on Jan 1, 2024.

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

INVO Fertility, Inc. amended Convertible Notes Extension with Required Holders of Convertible Notes valued at Maturity date extended to June 30, 2024; conversion and warrant exercise price lowered to $2.25 (effective 2023-12-27).

Action: amendment
Agreement: notes offering
Counterparty: Required Holders of Convertible Notes
Value: Maturity date extended to June 30, 2024; conversion and warrant exercise price lowered to $2.25
Effective: 2023-12-27

Exact text from the filing

As of December 27, 2023, the Company secured written consent by the Required Holders for the Convertible Note maturity date to be extended to June 30, 2024.

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INVO Fertility, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-000338

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