Scientific Industries, Inc. entered into a securities purchase agreement with certain investors for issuance of up to 3,500,000 units at a price of $2 per unit for aggregate gross proceeds of $7,000,000 on December 13, 2023. Each unit comprised of one share and a warrant to purchase either 100% or 160%, depending on the number of units purchased by an investor, of the number of shares of common stock included in the units purchased by an investor at an exercise price of $2.50 per share. The Warrants are immediately exercisable and expire five years from their date of issuance.

The transaction is expected to close in multiple closings on or before January 31, 2024, subject to customary closing conditions.