ONCBIOMUNE PHARMACEUTICALS, INC. (OTCMKTS:OBMP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On September 16, 2020, OncBioMune Pharmaceuticals, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “SPA”) with an investor to purchase an aggregate amount of 1,000 shares of a newly created Series E Convertible Preferred Stock of the Company (the “Series E Preferred”) for an aggregate investment amount of $2,000,000. Our new Series E Preferred Stock has a stated value of $2,000 per share and shall accrue, on a quarterly basis in arrears, dividends at the rate of 8% per annum on the stated value. The dividends shall be paid quarterly at the option of the holder of the Series E Preferred in either cash or shares of common stock of the Company. The Series E Preferred is convertible at any time after the date that is two days after the filing of an amendment to the Company’s certificate of incorporation with the Secretary of State of the State of Nevada to increase the Company’s authorized common stock to 12,000,000,000. The number of shares of common stock issuable up on conversion of the Series E Preferred is determined by dividing the stated value of the number of shares being converted, plus any accrued and unpaid dividends, by the lesser of: (i) $0.00375 and (ii) 75% of the average closing price of the Company’s common stock during the prior five trading days; provided, however, the conversion price shall never be less than $0.0021.
The foregoing description of the SPA and the Series E Preferred does not purport to be complete, and is qualified in its entirety by reference to Exhibits 10.1 and 3.1 hereto, which are incorporated by reference herein.
Information concerning the Company’s issuance of the Series E Preferred to the SPA set forth in Item 1.01 above is incorporated herein by reference.
The Series E Preferred and the shares issuable upon the conversion of the Series E Preferred are not registered under the Securities Act of the 1933, as amended (the “Securities Act”), or any state securities laws. The Company has relied on the exemption from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and/or Rule 506 of Regulation D thereunder.
As discussed in Items 1.01 above, the Company designated a new class of preferred stock, the Series E Preferred. The rights and preferences of this new class of stock is discussed in Items 1.01 above, which is incorporated herein by reference.
| 3.1 | Certificate of Designation for Series E Convertible Preferred Stock |
| 10.1 | Securities Purchase Agreement, dated September 16, 2020, by and among OncBioMune Pharmaceuticals, Inc. and the Investor |
OncBioMune Pharmaceuticals, Inc Exhibit
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About ONCBIOMUNE PHARMACEUTICALS, INC. (OTCMKTS:OBMP)
OncBioMune Pharmaceuticals, Inc., formerly Quint Media Inc., is a biotechnology company. The Company specializes in various cancer therapies. The Company focuses on developing breast and prostate cancer therapeutic vaccines, and a process for the growth of cancer cells and targeted chemotherapies. The Company’s vaccine technology is designed to stimulate the immune system to selectively attack cancer cells without harm to the patient. The Company’s product portfolio consists of approximately three target therapies and a vaccine platform that allows creation of a therapeutic vaccine for various solid tumor cancer. The Company’s lead product, ProscaVax is indicated for prostate cancer. The Company focuses on planning Phase II clinical trials of ProscaVax. The Company is also focused on development of its other technologies, such as the paclitaxel-albumin conjugate. It also has a portfolio of targeted therapies, some of which are biosimilars to drugs, including paclitaxel (Abraxane).
