Mosaic ImmunoEngineering raises $342K via 8% convertible notes with board participation

Mosaic ImmunoEngineering Inc.

Issued $342,632 principal of 8% convertible notes to 16 accredited investors; 5 board members invested $155,000 combined.
Proceeds of $341,632 for general purposes; notes have no maturity, 8% simple interest, convertible in future equity financing.
Conversion price: lesser of 80% of lowest per-share price in Qualified Financing (≥$5M) or $1.00; also convertible in smaller financings.
Upon corporate transaction, holders may elect 1.5x principal plus interest or conversion at $1.00 per share.
Amended May 2021 notes for certain purchasers: conversion price replaced with same formula (80% discount or $1.00).

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