CARDAX, INC. (OTCMKTS:CDXI) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 16, 2020, Cardax, Inc. (the “Company”) entered into two securities purchase agreements with certain accredited investors for the issuance of two convertible promissory notes by the Company in the aggregate principle amount of $500,000 with aggregate gross proceeds of $460,000 as outlined below. The terms and conditions of each of the securities purchase agreements and convertible promissory notes were substantially similar.
Securities Purchase Agreement #1
The Company entered into a Securities Purchase Agreement (the “Purchase Agreement #1”) with an accredited investor (the “Lender #1”) for the purchase of a convertible promissory note in the aggregate principle amount of $250,000 (the “Note #1”). As a commitment fee, the Company issued 5,000 shares of its common stock, par value $0.001 per share (the “Common Stock”) to the Lender #1. The Purchase Agreement #1 provided that the Company shall use the proceeds from the sale of the Note #1 first for the full repayment the convertible promissory note issued by the Company on April 18, 2019, in the original principal amount of $150,000, and second for working capital and other general corporate purposes.
Convertible Promissory Note #1
The Company issued the Note #1 to the Lender #1, which included the following terms:
|10.1||Form of Securities Purchase Agreement by and among Cardax, Inc. and an Accredited Investor #1|
|10.2||Form of Convertible Promissory Note issued by Cardax, Inc. to an Accredited Investor #1|
|10.3||Form of Securities Purchase Agreement by and among Cardax, Inc. and an Accredited Investor #2|
|10.4||Form of Convertible Promissory Note issued by Cardax, Inc. to an Accredited Investor #2|
CARDAX, INC. Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 SECURITIES PURCHASE AGREEMENT This SECURITIES PURCHASE AGREEMENT (the “Agreement”),…
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About CARDAX, INC. (OTCMKTS:CDXI)
Cardax, Inc. is a life sciences company. The Company develops consumer health and pharmaceutical technologies. The Company is engaged in developing and commercializing anti-inflammatory dietary supplements and drugs. The Company offers ZanthoSyn, a product to help consumers address their inflammatory health. ZanthoSyn is an astaxanthin dietary supplement distributed by the Company. ZanthoSyn features synthetic astaxanthin. Astaxanthin is an ingredient with anti-inflammatory activity that supports joint health, cardiovascular health, metabolic health and liver health. As of December 31, 2015, the Company had two other anti-inflammatory programs with application in various markets, including zeaxanthin esters for macular degeneration and hepatic disease, and lycophyll esters for prostate disease.