Ainos announces $1.75M follow-on funding

Ainos has placed an additional financing with Lind Global Fund II LP, an institutional investment fund managed by The Lind Partners. The funding amount is up to $1.75 million, with $875,000 funded at closing and $875,000 to be funded subject to effective registration statement and conditions specified in the agreement. The increased funding is in the form of amendment to a Senior Secured Convertible Promissory Note maturing on March 28, 2025, with extension option specified in the agreement. The Note will be convertible into Ainos’ shares of common stock at an initial conversion price equal to $7.50 per share, reverse-split adjusted, and subject to adjustment as further specified in the Note. The Note will be repayable in cash upon maturity. Prior to maturity, the Investor can convert to common stock at conditions specified in the agreement. As part of the investment, the Investor was also granted five-year warrants equal to 75% of the funded amount at an initial exercise price equal to $2.16 per share of common stock, subject to adjustment. Maxim Group LLC is acting as the lead placement agent for the private placement. Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as the co-placement agent for the private placement.