Indaptus Therapeutics Enters $6M Securities Purchase Agreement with Investor

Indaptus Therapeutics entered into a $6M securities purchase agreement with investor, David Lazar, for the purchase of non-voting convertible preferred stock of the Company. Mr. Lazar has been appointed Indaptus' Co-CEO and Chairman of the Board. Jeffrey Meckler will continue as Co-CEO and remain on the Board. Under the securities purchase agreement, the Company has agreed to issue 300,000 shares of non-voting convertible Series AA preferred stock and 700,000 shares of non-voting convertible Series AAA preferred stock in exchange for Mr. Lazar's investment of $6M. Each share of Series AA Preferred Stock is convertible into 20 shares of common stock while each share of Series AAA Preferred Stock is convertible into 150 shares of common stock. Conversion of the shares is contingent upon obtaining stockholder approval at the next meeting of stockholders, which is expected to be held during the first quarter of 2026. Closing of this transaction occurred on December 23. In connection with the agreement, the Company's Board was reconstituted. In addition to Mr. Lazar's appointment as Chairman, at closing Avraham Ben-Tzvi joined the Board replacing Hila Kara and Dr. Robert Martell, who stepped down from the Board. After receipt of stockholder approval, Mr. Lazar will have the right to nominate up to three additional directors to the Board.