Home Bistro Inc. announced that it has entered into securities purchase agreement for the private placement of convertible notes for gross proceeds $154,250 on July 19, 2022. The transaction will include participation from 1800 Diagonal Lending, LLC. The notes carry an interest rate of 8% and mature on January 19, 2024.

The investors may only convert the notes at any time on or following the occurrence of an event of default under the notes or the date the company consummates an offering that results in the listing of the company's common stock on any national securities exchange on or before 180 calendar days after the issue date. The per share conversion price into which the note is convertible into shares of common stock is equal the lower of (i) 75% of the closing price of the common stock on the date of the investment, and (ii) 90% of the lowest volume weighted average price for the common stock during the five trading day period ending on the latest complete trading day prior to the conversion date, provided, however, that if the company consummates an Uplist offering, then the conversion price shall equal 75% of the offering price per share of common stock at which the Uplist offering is made. The obligations under the notes are not secured by any assets of the company.

The securities are issued pursuant to Regulation D.