Home Bistro Inc. announced that it has entered into a Securities Purchase Agreement with Mast Hill Fund, L.P., a fund managed by Mast Hill Management, LLC for a private placement of a 15% convertible note and a warrant to purchase up to 769,231 shares of the company's common stock, par value $0.001 per share for proceeds of $450,000 on May 18, 2022. The note was issued at a discount of $50,000. The note matures on May 18, 2023.

The note will convert into common shares at a conversion price of $0.39 per share. The note is unsecured in nature. The warrant will be exercised at a price of $0.65.

The company incurred legal expenses of $10,000 on behalf of the investor.