Trend Innovations files Certificate of Designation for Series A Preferred Stock issued in Treasure APA

AVAI BIO, INC.

Issued 5,000 Series A Preferred shares at $5,000 stated value each to Treasure Drive Ltd. for technology portfolio.
Preferred shares convertible into common at 5% discount to 5-day VWAP, with 4.99% beneficial ownership limit.
If not up-listed to Nasdaq within 9 months, TD can request unwinding of the Treasure APA.
Certificate of Designation filed as Exhibit 3.1; shares have no voting rights and liquidation preference equal to stated value.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

AVAI BIO, INC.: Filed Certificate of Designation designating 5,000 shares of Series A Preferred Stock (effective 2023-04-14).

Change: charter amendment
Effective: 2023-04-14

Exact text from the filing

In connection with the offering, the Company filed a Certificate of Designation to its Articles of Incorporation designating 5,000 shares of its preferred stock.

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AVAI BIO, INC. filing history →

Source: SEC EDGAR

accession 0001740797-23-000028

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