Non-Invasive Monitoring Systems issues $809,706 convertible note to repay insider debt; conversion at $0.01966/share

NON INVASIVE MONITORING SYSTEMS INC /FL/

Sold $809,705.75 convertible note to Defender Opportunity LLC; proceeds repaid $720k principal + $89,705.75 interest on notes held by insiders Dr. Hsiao and Dr. Frost.
Note bears 11% interest through Nov 12, 2026, then 22%; maturity Dec 31, 2026; convertible at $0.01966 per share.
Automatic conversion upon closing of pending merger with Gravitics, Inc.; holder subject to 4.99% beneficial ownership limit.
$300,000 of remaining insider notes (non-convertible) to be repaid from financing in connection with the merger.
Company to file resale registration statement for conversion shares within 60 days after merger effective date.

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