Can B Corp. announced that it has entered into securities purchase agreement to issue promissory notes for gross proceeds of $56,250 on June 6, 2022. The company also issued warrants to purchase 9,766 shares of common stock at a price per share of $6.40.

The note is issued at a discount of 10%, which is $6,250. The principal amount of the note is $62,500. The term of the note is twelve months.

The note is convertible into common stock of the company at a price per share of $4, subject to adjustment pursuant to the terms of the note. The note bears interest at the rate of 12% per year, which increases to 16% per year in the event of default. The company has agreed to pay $500 to investor for each conversion under the note to cover its expenses related thereto.