Biotricity, Inc. announced that it has entered into security purchase agreement with an institutional investor to issue Series B Convertible Preferred Stock at an issue price of $9,090.91 per share on March 25, 2024.

On the same date, the company announced that it has issued 110 shares of Series B Convertible Preferred Stock at an issue price of $9,090.91 per share for the gross proceeds of $1,000,000.1 in the first tranche. Pursuant to the Purchase Agreement, the Company has also agreed to seek the approval of the Company?s stockholders that may be required upon conversion of the Series B Preferred Stock (the ?Stockholder Approval?), if required by the applicable rules and regulations of Nasdaq Capital Market. The Company has agreed to hold an annual or special meeting of stockholders for the purpose of obtaining Stockholder Approval as soon as practicable, but in no event later than 75 days following the date on which two conversions of Series B Preferred Stock by the Investor would require approval of the Company?s stockholder, and to hold a meeting every three months thereafter for the purpose of obtaining Stockholder Approval if the proposal is not approved at the first meeting until Stockholder Approval is obtained. The Series B Preferred Stock will automatically convert to common stock upon the 24-month anniversary of the Initial Issuance Date of the Series B Preferred Stock. The sale of the securities will not involve a public offering and will be made without general solicitation or general advertising. The Investor represented that it is an accredited investor, as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and that they are acquiring the securities for investment purposes only and not with a view to any resale, distribution or other disposition of the securities in violation of the U.S. federal securities laws.