secwatch.observer — SEC 8-K summary
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Issuer:     AVAI BIO, INC. (AVAI)
CIK:        0001740797
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001740797-24-000019
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Avant Technologies designates Series B Convertible Preferred Stock for Wired4Health asset acquisition
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- Filed Certificate of Designation for 1M shares of Series B Convertible Preferred Stock.
- Series B issued as partial consideration for acquiring Wired4Health assets; total consideration $2.2M.
- Conversion price set at lesser of $1.00 per share or 30-day VWAP of common stock on OTC Markets.
- Conversion subject to 4.99% beneficial ownership limitation and daily sales cap of 25% of total volume.
- Preferred Stock has aggregate stated value of $1M; Secured Note of $1.2M also issued.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1740797/000174079724000019/0001740797-24-000019-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1740797/000174079724000019/avai_8kcert.htm
  HTML page:      https://secwatch.observer/filing/0001740797-24-000019

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer