Renovaro Biosciences Inc. announced that it has entered into Subscription Agreements with five investors to purchase 5% Original Issue Discount Convertible Promissory Notes for an aggregate principal amount of $2,105,264 for the aggregate gross proceeds of $2,000,000 on October 5, 2023. The notes bear an interest rate of 12% per annum and shall mature on September 5, 2024. The notes are convertible into shares of the company?s common stock only upon the occurrence of a Qualified Offering or upon the Maturity Date.

The company may prepay the note at any time.