Home Bistro Inc. announced that it has entered into a securities purchase agreement for a private placement of unsecured convertible note due September 9, 2023 for gross proceeds of $135,000 on September 9, 2022. The notes have a principal value of $150,000. The company also issued warrant to purchase up to 666,667 shares at a par value of $0.001exercisable at a price of $0.225 until the last day of the month three years after closing.

The notes are convertible into common shares at a price which is lower of 75% of the closing price of the common share on the date of the investment, 90% of the lowest volume weighted average price for the common share during the five trading day period ending on the latest complete trading day prior to the conversion date and $0.135 per share. The securities issued are pursuant to exemption provided under Rule 506(b) of Regulation D.