On July 7, 2023, Avalon GloboCare Corp., closed the transaction. The company has raised $0.475 million in the transaction. FirstFire Global Opportunities Fund LLC, a fund managed by, FirstFire Capital Management LLC, acquired the notes with principal amount of $0.5 million and paid the purchase price of $0.475 million after an original issue discount of $25,000.

On the same closing date, the company issued a warrant to purchase 41,665 shares of common stock with an exercise price of $4.50 exercisable until the five-year anniversary of the closing date, a warrant to purchase 35,165 shares of common stock with an exercise price of $3.20 exercisable until the five-year anniversary of the closing date.