Item 1.01 Entry into a Material Definitive Agreement.

The information set forth in Item 2.03 is incorporated by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an


          Off-Balance Sheet Arrangement of a Registrant.

On September 20, 2022, the board of directors (the "Board") of Provectus Biopharmaceuticals, Inc. (the "Company") approved a Financing Term Sheet (the "2022 Term Sheet"), which sets forth the terms under which the Company will use its best efforts to arrange for financing of a maximum of $5,000,000 (the "2022 Financing").

Pursuant to the 2022 Term Sheet, a 2022 Note (defined below) will convert into shares of the Company's Series D-1 Convertible Preferred Stock, par value $0.001 per share ("Series D-1 Preferred Stock") within twelve months of the issue date of the 2022 Note, subject to certain exceptions.


                               The 2022 Financing

Subject to the terms and conditions of the 2022 Term Sheet, the Company will use its best efforts to arrange for the 2022 Financing, which amounts will be obtained in several tranches. The proceeds from the 2022 Financing will be used to fund the Company's drug discovery and development program, as currently constituted and envisioned, and to fund the Company's general and administrative expenses.





                           Structure of the Financing

The 2022 Financing will be in the form of an unsecured convertible loan (the "Loan") from various investors (collectively, the "Investors") that will be evidenced by convertible promissory notes (individually, a "2022 Note" and collectively, the "2022 Notes"). In addition to customary provisions, the 2022 Note contains the following provisions:

(i) The Loan will bear interest at the rate of eight percent (8%) per annum on the outstanding principal amount of the Loan that has been funded to the Company;

(ii) The Loan shall be due and payable in full on the earliest of: (i) the date upon which an event of default occurs and is continuing; (ii) a change of control of the Company; or (iii) twelve months after the issue date of a 2022 Note; and

(iii) The outstanding principal amount and interest payable under the Loan is convertible at the Investor's option as follows:

(a) The Loan is voluntarily convertible into shares of the Company's Series D-1 Preferred Stock at any time while the Loan is outstanding at a price per share equal to $2.8620;

(b) The Loan is automatically convertible into shares of the Company's Series D-1 Preferred Stock twelve months after the issue date of a 2022 Note at a price per share equal to $2.8620; and

(c) The Series D-1 Preferred Stock is convertible into ten (10) shares of the Company's common stock, par value $0.001 per share;

The form of the 2022 Note is attached hereto as Exhibit 4.1 and is incorporated herein by reference.

The foregoing summary of the 2022 Term Sheet does not purport to be complete and is qualified in its entirety by reference to the full text of the 2022 Term Sheet that will be filed with the Securities and Exchange Commission ("SEC") as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2022.












                         Closing of the 2021 Financing

Pursuant to the approval of the 2022 Financing by the Board, the Board approved the closing of the financing that the Board approved on August 13, 2021 (the "2021 Financing") and that was filed with the SEC in the Form 8-K dated August 13, 2021. The 2021 Financing was in the form of an unsecured convertible loan from various investors that were evidenced by convertible promissory notes (collectively, the "2021 Notes"). As of September 20, 2022, the Company had received 2021 Notes totaling $2,335,000.

The Company believes the issuance of the 2021 Notes was exempt, and the issuance of the 2022 Notes will be exempt, from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), by virtue of Section 4(a)(2) of the Securities Act (or Rule 506 of Regulation D promulgated thereunder) as transactions not involving a public offering.

Item 3.02 Unregistered Sales of Equity Securities.

The information set forth in Item 2.03 is incorporated by reference into this Item 3.02.

Item 9.01 Financial Statements and Exhibits.






(d) Exhibits.




Exhibit Number                              Description

4.1                Form of Unsecured Convertible Promissory Note.

104              Cover Page Interactive Date File (the cover page XBRL tags are
                 embedded within the inline XBRL document).

© Edgar Online, source Glimpses